Examlex
Economists and accountants both include forgone income as a cost to a small business owner.
Cartel Arrangement
A formal agreement among competing firms in an industry to control prices, limit production, or divide markets, usually to enhance profits.
Manufacturing Plant
A facility where goods are produced or assembled through a combination of human labor, machinery, and technological processes.
Demand Curve
A graph showing the relationship between the price of a good and the quantity of that good which consumers are willing to purchase at various prices.
Cost Function
A mathematical representation that describes how the costs incurred by a firm relate to its level of output or production.
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