Please have a look on Why is \[ ... \] preferable to $$ ... $$?, the description of the variables can be done in description
or in an itemize
list, for example.
From a personal point of view, I would rather use \ell
instead of l
as equation identifier.
\documentclass{article}
\usepackage{mathtools}
\begin{document}
When monochromatic light is shone through a solution of iron, Beer's law states that
\[ A = \varepsilon l c \]
\noindent where
\begin{description}
\item $A$ is amount of light absorbed
\item $\varepsilon$ is the molar absorbance coefficient, which varies with wavelength,\\
but not with concentration
\item $l$ is the thickness of the sample
\end{description}
\end{document}

Another (better?) solution, with more fine control of the list parameters, better optical appealance, but this is a matter of taste actually.
\documentclass{article}
\usepackage{enumitem}
\usepackage{mathtools}
\begin{document}
When monochromatic light is shone through a solution of iron, Beer's law states that
\[ A = \varepsilon \ell c \]
\noindent where
\begin{description}
\item $A$ is amount of light absorbed
\item $\varepsilon$ is the molar absorbance coefficient, which varies with wavelength,\\
but not with concentration
\item $\ell$ is the thickness of the sample
\end{description}
\noindent where
\begin{description}[labelindent=10pt,labelsep=10pt]
\item[$A$] is amount of light absorbed
\item[$\varepsilon$] is the molar absorbance coefficient, which varies with wavelength,\\
but not with concentration
\item[$\ell$] is the thickness of the sample
\end{description}
\end{document}
