Examlex
The short run is the period before exit or entry can occur.
Total Revenue
The total income generated by a firm from selling its goods or services before any costs or expenses are deducted.
Output
The total amount of goods or services produced by a firm, industry, or economy over a specific period.
Average Total Cost
The total cost of production divided by the quantity of output, representing the per-unit cost of production.
Short Run
The short run in economics refers to a period during which at least one input, such as plant size, is fixed and cannot be changed by the firm.
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