Table 11-3
-The creation of knowledge is a public good. Because knowledge is a public good, profit-seeking firms tend to free-ride on the knowledge created by others and, as a result, devote too few resources to the creation of knowledge. How does the U.S. government correct for this apparent market failure?
Definitions:
Average Total Cost
The total cost of production divided by the quantity of output produced, indicating the cost per unit of output.
Range of Output
The spectrum or variety of product quantities that a production process or industry can produce, from minimum to maximum.
Mixers
Electronic or mechanical devices used to combine, blend, or process ingredients or substances in various industries, or an event primarily intended to encourage socializing.
Average Total Cost
The total cost of producing a certain amount of a good, divided by the quantity of the good produced.
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