Examlex
Which of the following is false?
Diminishing Marginal Returns
Refers to a point in production where adding an additional factor of production results in a smaller increase in output.
Average Variable Costs
The total variable costs divided by the quantity of output produced, reflecting the average cost of producing each unit.
Average Fixed Costs
Costs in production that are stable and do not vary with the amount of output, divided by the quantity of goods produced.
Output
The total amount of goods or services produced by a person, machine, factory, country, etc., within a certain period.
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