What Does These Abbreviation Refere To

question 13

Multiple Choice

What does these abbreviation refere to:
-Props Modeling

• A)proposal for modeling
• B)proper modeling
• C)property modeling
• D)none of the above

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Definitions:

Average Variable Cost

The total variable cost divided by the quantity of output produced, representing the variable cost per unit of output.

Average Fixed Cost

The fixed costs of production divided by the quantity of output produced, which decreases as production increases.

Long Run

The long run is a period in which all inputs and production technologies can be varied, with no fixed factors of production.

Long-Run

Pertains to a period in which all factors of production and costs are variable, allowing companies to adjust all inputs.