Examlex
Consider a perfectly competitive firm facing the following conditions: TR = 150Q and
TC = 500 + 3Q + Q2.What is the firm's marginal cost when Q = 50?
Decreasing-Cost Industry
An industry in which expansion through the entry of firms lowers the prices that firms in the industry must pay for resources and therefore decreases their production costs.
Long-Run Supply Curve
As it applies to macroeconomics, a supply curve for which price, but not real output, changes when the demand curves shifts; a vertical supply curve that implies fully flexible prices.
Downsloping
Typically describes a graph line that shows a decrease in a variable as another variable increases, often used in economics to illustrate concepts like demand curves.
Profit-Maximizing
The technique a firm uses to ascertain the optimal pricing and production levels for achieving maximum profit.
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