Examlex
What is the relationship between firn and glacial ice?
Fixed Cost
Costs that do not vary with the level of output or activity.
Output
The aggregate production of either goods or services by an organization, commercial sector, or the economy as a whole.
Diminishing Returns Effect
A principle in economics where increasing one factor of production, while keeping others constant, will at some point yield lower per-unit returns.
Variable Cost
Expenses that vary directly with the level of production output, such as raw materials, labor, and energy costs.
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