Examlex
When the price of oil rises unexpectedly,the equilibrium price level ________ and the unemployment rate ________ in the short run.
AVC
Average Variable Cost is the total variable cost per unit of output.
ATC
Average Total Cost; the per-unit cost of production, calculated by dividing the total cost by the quantity of output produced.
Marginal Output
The additional output that results from increasing the production input by one unit.
Total Output
The total value of all goods and services produced in an economy during a specific period.
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