Examlex
The size of a group is one of its most important features. Interactions are more personal and intense in a small group, a collectivity small enough for all members to be acquainted with one another and to interact simultaneously.
Fixed Cost
refers to a business expense that remains constant regardless of the level of production or sales, such as rent or salaries.
Total Cost
The aggregate of every expense related to the creation of services or goods, taking into account both constant and fluctuating costs.
Average Total Cost
The total cost of production (fixed plus variable costs) divided by the total quantity produced, indicating the average cost per unit.
Diminishing Marginal Returns
A principle stating that as one adds more of a variable input to a fixed input, after a certain point, the additional output generated begins to decrease.
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