Examlex
What is the name of the tubules that make up the excretory systems used by most annelids and adult mollusks?
Average Total Cost
The cost of producing each unit, calculated by dividing the overall production expenses by the quantity of units manufactured.
Normal Profit
The minimum level of profit needed for a company to remain competitive in the market, factoring in the cost of opportunity.
Long-Run Equilibrium
A state in which all factors of production and costs are variable, and firms in a competitive market make just enough profit to cover their costs.
Marginal Cost
The increase or decrease in the total cost incurred from producing one additional unit of a good or service.
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