Examlex
Many companies shift now to variable pay.What is the meaning of this term mean and what are the implications of its use?
Long-Run Equilibrium
A situation where all factors of production and costs are variable, and all firms in a market are earning zero economic profit, indicating no incentive for market entry or exit.
Competitive Firm
A company operating in a market where there are many buyers and sellers, none of which can influence the market price.
Average Fixed Cost
The fixed costs of production (costs that do not change with the level of output) divided by the quantity of output produced.
Minimum AVC Point
The level of output at which a firm's average variable cost (AVC) is minimized.
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