Examlex
Focusing on some aspects of the environment and ignoring other elements is called:
AVC
Average Variable Cost, which is the variable cost per unit of output.
Long-run Equilibrium
A state in which all factors of production and costs are variable, leading to a situation where economic profits have been normalized or eliminated due to competition.
Constant Costs
Costs that do not change with the level of output or activity within a certain range.
Short-run Supply Curve
A graphical representation showing the relation between the price of a product and the quantity of the product that a firm is willing and able to sell, given fixed resources.
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