Examlex
Define human development in 40 words or fewer.
Marginal
Term used to describe the effects of a change in the current situation. For example, a producer’s marginal cost is the cost of producing an additional unit of a product, given the producer’s current facility and production rate.
Average Increasing
A situation in which the average cost of production goes up as the quantity produced increases.
Long-run Average Total Cost
The average cost per unit of output produced over a period during which all inputs, including capital, are variable.
Diseconomies of Scale
The situation in which a business experiences an increase in average costs per unit when output is increased beyond a certain point.
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