Examlex
Support for Kohlberg's theory of moral development includes data indicating that:
Average Fixed Cost
The fixed costs of production divided by the quantity of output produced, which decreases as production increases.
Law Of Diminishing Returns
An economic principle stating that if one factor of production is increased while others remain constant, the overall returns will eventually decrease after a certain point.
Economies Of Scale
The situation when a firm’s average total cost of producing a product decreases in the long run as the firm increases the size of its plant (and, hence, its output).
Variable Inputs
Factors of production that change in quantity as the level of output changes, such as labor or raw materials, in contrast to fixed inputs like machinery or land.
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