Examlex
Which of the following statements is true?
Opportunity Cost
The significance of the most valuable opportunity sacrificed because of a decision made.
Average Total Cost
The cost of producing each unit, calculated by dividing the overall production expenses by the number of products made.
Marginal Cost
The added cost resulting from the manufacture of one more unit of a product or service.
Variable Input
A factor of production whose quantity can be changed easily and flexibly by a firm in the short run to adjust output levels.
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