Identify the Following Terms

question 20

Short Answer

Identify the following terms:
blat

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Definitions:

TVC

Total Variable Cost, which refers to all costs that vary with the level of output in the production process.

Marginal Cost

The increase in total cost that arises from producing one additional unit of a good or service.

Drone

A remotely operated or autonomous flying machine, known as an unmanned aerial vehicle (UAV), which follows flight paths programmed through software.

Average Fixed Costs

The fixed costs of production (costs that do not change with the level of output) divided by the number of units produced.