Examlex
The practice of using decision-making shortcuts to arrive at satisfactory, rather than optimal, decisions is called _____.
Marginal Product
The extra output or benefit received from using one more unit of a variable input.
Average Variable Cost
The total variable costs of production divided by the quantity of output produced; it varies with the level of output.
Average-Variable-Cost Curve
A graphical representation showing how average variable costs of production vary with the level of output, typically U-shaped due to economies and diseconomies of scale.
Average Total Cost
The total cost of production (fixed and variable costs combined) divided by the number of units produced, indicating the average cost of producing each unit.
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