Examlex
Consumption of a public good has the characteristics of rivalry and excludability.
Long Run
In economics, a period in which all factors of production and costs are variable, allowing all inputs to be adjusted.
Average Variable Cost
The total variable costs of production divided by the quantity of output produced, representing the cost per unit of output.
Total Revenue
The complete sum of funds a company acquires from selling goods or offering services over a specified time period.
Operating Profit
The profit earned from a firm's core business operations, excluding deductions of interest and taxes.
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