Examlex
Select the term that is spelled correctly and give its meaning.
-A. biforcation
B. bifurcation
A or B: _____ meaning: __________
ATC Curve
Average Total Cost Curve; a graph that shows the per-unit cost of production at every level of output.
AVC Curve
Average Variable Cost Curve, it represents the change in variable cost associated with producing more units of a good or service.
Variable Input
An input in the production process that can be altered in the short term to adjust the level of output.
Output
Output is the total amount of goods and services produced by an economy or business over a set period, quantifying productivity and economic activity.
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