It Is More Costly to Do Business in Relatively Primitive

question 93

True/False

It is more costly to do business in relatively primitive or undeveloped economies because of the lack of infrastructure and supporting businesses.

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Definitions:

Output

The total amount of goods or services produced by a company, industry, or economy.

Marginal Product

The additional output gained by adding one more unit of a specific input, while keeping other inputs constant.

Total Output

The total value of all goods and services produced in an economy over a specific time period.

Average Total Cost

The total cost of production divided by the quantity produced, incorporating both fixed and variable costs.