Examlex
Which of the following refers to a person's self-concept?
Average Variable Cost
The sum of all costs that vary with output levels, divided by the total output generated.
Economies of Scale
The cost advantage that arises with increased output of a product, as the fixed costs are spread over more units of production.
Adam Smith
An 18th-century Scottish economist and philosopher, best known for his theories of the free market and the "invisible hand" guiding economies.
Diseconomies of Scale
Diseconomies of scale occur when a firm's costs per unit increase as it produces more units, due to inefficiencies.
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