An Exhaustive,step-By-Step Approach for Solving a Problem,in Which a Solution

question 82

Short Answer

An exhaustive,step-by-step approach for solving a problem,in which a solution is virtually guaranteed is a(n)________.

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Definitions:

Long-Run Cost Function

A graphical or mathematical representation showing the lowest cost at which a firm can produce any given level of output in the long run, where all inputs are variable.

Positive Output

A situation where the production of goods or services results in a quantity greater than zero.

Long-Run Cost Function

A representation of the total cost associated with producing a given level of output when all inputs, including capital, can be varied.

Positive Output

A situation in which an economic model or production process results in a positive amount of goods or services being produced.