Examlex
What are practice inspections and why are they performed?
Constant-Cost Industry
Constant-Cost Industry refers to an industry in which the input prices do not change as industry output changes, leading to a flat supply curve.
Long-Run Equilibrium
A state where all factors of production and inputs can be adjusted by firms, and no economic forces are inducing firms to change their output or production levels.
Average Total Cost
The cost per unit is determined by dividing the overall production costs, which include both fixed and variable expenses, by the total units manufactured.
Marginal Cost
The supplementary expenditure incurred by making one more unit of a product or service.
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