Define the Following Terms: Emile Zola

question 33

Short Answer

Define the following terms: Emile Zola

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Definitions:

Diminishing Marginal Product

The principle stating that as additional units of a variable input are added to a fixed input, the additional output from each new unit of input will eventually decrease.

Fixed Cost

A cost that does not change with an increase or decrease in the amount of goods or services produced.

Variable Cost

Expenses that shift in proportion to the amount of production or output.

Total Output

The total quantity of goods or services produced by a firm, industry, or economy in a given period.