Examlex
What is the major driving force for the reaction below?
Average Variable Cost
The total variable costs (costs that change with the level of output) of production divided by the quantity of output produced.
Short Run
A time period in which at least one input is fixed and cannot be changed by the firm, affecting its production decisions.
Purely Competitive Market
Another term for a perfectly competitive market, emphasizing its features like a large number of small firms and identical products.
Marginal Revenue
The increased earnings resulting from the sale of one extra unit of a good or service.
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