Examlex
What is the name of the tectonic process that has created many of the mountains in Middle and South America?
Marginal Cost
The increase in total cost that arises from an extra unit of production, pivotal for decision-making in production processes.
Diminishing Returns
A principle stating that as more of a variable input is combined with a fixed input, the incremental gains in output will eventually decrease.
Increasing Returns
This refers to a scenario in economics where, as the quantity of input increases, the rate of output increases at a faster rate, leading to economies of scale.
Long-Run Total Cost
The aggregate cost of production when all factors of production are variable and the scale of operation can change.
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