Examlex
In trying to say the tongue twister "She sells sea shells by the seashore", you accidentally say, "She shells she shells by the seashore." This is an error of ______.
Average Variable Cost
The total variable costs of production divided by the quantity of output produced; it shows the variable cost per unit.
Average Fixed Cost
The fixed costs of production (costs that do not change with the level of output) divided by the quantity of output produced, decreases as production increases.
Average Total Cost
The total cost of production divided by the quantity of output produced, representing the cost per unit of production.
Economies of Scale
Cost advantages obtained by an increase in production, leading to a reduction in average costs per unit.
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