Examlex
Which of the following examples is most consistent with your textbook authors' definition of the term behaviour,a?
Marginal Product
The extra output generated from the inclusion of one additional unit of a particular input while maintaining all other inputs unchanged.
Variable Cost
Costs that change in proportion to the level of production output or activity level of an entity.
Average Variable Costs
Average variable costs represent the per-unit variable costs of production, calculated by dividing total variable costs by the quantity of output.
Average Fixed Costs
Average fixed costs refer to the fixed costs of production (costs that do not change with the level of output) divided by the quantity of output produced, which decreases as output increases.
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