Examlex
Which of the following might explain the higher degree of party line voting in Great Britain than in the United States?
Marginal Cost
The added expense incurred upon producing one further unit of a good or service.
Average Cost
The total cost of production divided by the quantity of output produced, indicating the cost per unit of output.
Short-run Cost Function
A relationship between production cost and output level when one or more inputs are fixed, typically analyzing costs within a time frame that doesn't allow for all factors of production to be adjusted.
Long-run Cost Function
A representation of the total cost associated with the production of goods over time, taking into account all variable and fixed inputs.
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