Examlex
The gold standard was an example of:
Total Cost
The sum of fixed costs and variable costs incurred by a business in producing a particular level of output.
Industry Equilibrium Price
The price at which the total quantity demanded by consumers equals the total quantity supplied by firms in an industry.
Perfectly Elastic
A situation in demand or supply where quantity demanded or supplied changes infinitely with any change in price.
Marginal Revenue
The additional income received from selling one more unit of a good or service. It is an important concept in microeconomics and business when determining the optimal level of sales and production.
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