-Equilibrium price is _____ and equilibrium quantity is _____ units.
Definitions:
Marginal Cost Curves
graphical representations that show how the cost of producing one additional unit of a good or service varies with the quantity produced.
Price Taker
A price taker is a firm or individual who has no power to influence the prices in a market, taking the prevailing prices as given.
Short-Run Supply Curve
A graphical representation showing the quantity of goods a firm is willing to produce and sell at different price levels in the short term.
Marginal Cost
The expenditure required to produce one more unit of a product or service.
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