Examlex
_____ results from shifts in the demand for goods and services or changes in technology in the economy.
Average Total Cost
The cost per unit of output, calculated by dividing the total cost of production by the quantity of output.
Perfect Competition
A market structure characterized by a large number of small firms, a homogeneous product, free entry and exit, and perfect information.
Perfect Competitor
A theoretical market structure where numerous small firms compete against each other without having any significant market power.
Output
The total amount of goods and services produced by an economy or a firm.
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