Examlex
The use of punishment can be quite enticing in that its delivery is often followed by _____ for the person to whom it was delivered.
AVC
Average Variable Cost; the per unit variable cost associated with producing a good or service.
AFC
Average Fixed Cost; the total fixed costs of production divided by the quantity of output produced, illustrating how fixed costs spread out over produced units.
Short Run
A period in which at least one input in the production process is fixed, limiting the ability to change production levels significantly.
Total Cost
The sum of fixed and variable costs incurred by a business in producing a certain level of output.
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