____ Allows You to Work with Several Items as If

question 5

Multiple Choice

____ allows you to work with several items as if they were one object.

• A) Grouping
• B) Joining
• C) Linking
• D) Gluing

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Definitions:

Diminishing Returns

The principle stating that if one factor of production is increased while others remain constant, the overall returns will initially increase but there will come a point where the added benefits will start to decrease.

Increasing Returns

An increase in firm’s output by a larger percentage than the percentage increase in its inputs.

MC

Marginal Cost, the change in total production cost that comes from making or producing one additional unit.

ATC

Average Total Cost, which is the total cost divided by the number of goods produced, representing the per-unit production cost.