Examlex
The belief that people will not commit crimes because they fear punishment and incarceration is called _____ deterrence.
Average Variable Costs
The sum of all variable production expenses divided by the amount of output generated.
Average Total Costs
The total of all production costs divided by the number of units produced, summarizing the per-unit cost of production.
MC
The cost added by producing one more unit of a product, crucial in determining the optimal production level for a company.
MR
Marginal Revenue, the additional income earned from selling one more unit of a good or service.
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