Examlex
Which of the following is a component of Wechsler's definition of intelligence?
Diminishing Returns
A principle stating that adding more of one factor of production, while holding others constant, will at some point yield lower incremental per-unit returns.
Short Run
A time period during which at least one input, such as plant size, is fixed and cannot be changed by the firm.
Average Total Cost Curve
A graphical representation showing the average total cost of producing various output levels, typically U-shaped due to economies and diseconomies of scale.
Total Cost
The aggregate cost involved in manufacturing goods or offering services, which covers both stable and changeable outlays.
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