Examlex
Identify an example of a flow variable.
Long Run
A period in economics where all factors of production and costs are variable, allowing companies to adjust to new conditions.
Average Total Cost
The total cost of production (fixed and variable costs combined) divided by the total quantity produced, indicating the cost per unit of product.
Marginal Revenue
The additional income received from selling one more unit of a good or service.
Industry Supply Curve
A graphical representation showing the total quantity of a good or service that producers in an industry are willing and able to supply at different price levels.
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