What Is the Definition of the Following Term

question 58

Short Answer

What is the definition of the following term:
-Nicene Creed:

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Definitions:

Diminishing Marginal Product

The principle that as additional units of a variable input are added to a fixed input, the additional output produced from each new unit decreases.

Marginal Cost Curve

A graphical representation showing how the cost to produce one additional unit of a product changes as production volume increases.

Economies of Scale

The financial advantages achieved by companies through their operational size, with unit costs usually dropping as the scale of production increases.

Average-Fixed-Cost Curve

A graphical representation showing how the fixed cost per unit changes with changes in the volume of production.