Examlex
Consumer Product Safety (CPS) provides technical information regarding
Long Run
A period sufficient for all inputs and production processes to be adjusted, including changing the scale of production facilities.
Average Fixed Costs
Average Fixed Costs are the total fixed costs of production divided by the quantity of output produced.
Total Fixed Cost
The sum of all costs that remain constant regardless of the level of production or output in the short run, such as rent or salaries.
TFC
Total Fixed Cost, which refers to the sum of all costs that do not change with the level of output produced by a firm.
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