Examlex
Which of the following is a function of the Federal Reserve?
Average Cost Curve
The average cost curve is a graphical representation showing how the average cost per unit of output varies with the level of output, typically U-shaped due to economies and diseconomies of scale.
Economies of Scale
Cost benefits that companies achieve because of their large scale of operations, generally resulting in a lower cost per output unit as the scale increases.
Per-Unit Costs
The average cost for each individual unit of product produced, taking into account all fixed and variable expenses.
Marginal Costs
The incremental cost involved in producing one more unit of a product or service.
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