Examlex
A child learns to call a dog "bow-wow" and now calls all animals he sees "bow-wow." What is this child's behaviour an example of?
Sunk Costs
Costs that have already been incurred and cannot be recovered, and thus should not affect future economic decisions.
Average Fixed Cost
Is the fixed costs of production (costs that do not change with the level of output) divided by the quantity of output produced.
Marginal Cost
The cost associated with producing one additional unit of a product, which can vary depending on the level of production.
Output
The amount of goods or services produced by a person, machine, business, or industry.
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