Cost, average variable

Variable cost divided by the number of units produced.

Cost, average fixed

Fixed cost divided by the number of units produced.

Cost, Average

Total cost divided by the number of units produced.

Corporation

The dominant form of business organization in modern capitalist economies. A corporation is a firm owned by individuals or other corporations. It has the same rights to buy, sell, and make contracts as a person would have. It is legally separate from those who own it and has limited liability.

Corporate income tax

A tax levied on the annual net income of a corporation

Consumer Surplus

The difference between the amount that a consumer would be willing to pay for a commodity and the amount actually paid. this difference arises because the marginal utilities of all but the last unit exceed the price. Under certain conditions, the money value of the consumer surplus can be measured as the area under the demand curve but above the price line.

Conglomerate

A large corporation producing and selling a variety of unrelated goods e.g., some cigarette companies have expanded into such unrelated areas as liquor, car rental, and movie production.

Concentration ratio

The percentage of an industry's total output accounted for by the largest firms. A typical measure is the four-firm concentration ratio, which is the fraction of output accounted for by the four largest firms.

Complements

Two goods which go together in  the eyes of consumers example will be a right shoe and a left shoe. Goods are substitutes when they compete with each other as do gloves and mittens.

Competition equilibrium

The balancing of supply and demand in a market or economy characterized by perfect competition. Because perfectly competitive sellers and buyers individually have no power to influence the market, price will mover to the point at which it equals both marginal cost and marginal utility.