Examlex
A protectionist policy generally enhances free trade.
Average Total Cost
The cost per unit of output, calculated by dividing the total cost (both fixed and variable) by the total quantity produced.
Market Price
The current price at which an asset or service can be bought or sold in the marketplace.
Industry Supply
Industry Supply is the total quantity of a good or service that all producers in an industry are willing and able to sell at various prices within a specified time period.
Representative Firm
An idealized company in economic models which is designed to reflect the typical characteristics of a firm within a particular industry.
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