Examlex
As more of a good is consumed, its marginal utility ________ and its total utility ________.
Average Fixed Cost
The total fixed costs of production divided by the quantity of output produced, illustrating how fixed costs dilute over larger quantities of output.
Total Cost
The total expense incurred in the production of goods or services, including both fixed and variable costs.
Computer Software
Software and data that enable a computer to execute particular tasks.
Opportunity Cost
The sacrifice of possible benefits from other options when selecting a specific one.
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