Examlex

Solved

Which of the Following Is Correct

question 43

Multiple Choice

Which of the following is correct


Definitions:

Long-Run Average-Total-Cost Curve

A curve that shows the lowest cost at which a firm is able to produce a given level of output in the long run, when all inputs can be varied.

Workers

Individuals engaged in a task or activity, especially in the context of employment, to earn wages or salary.

Marginal Cost

The excess cost that arises from the production of an extra unit of a product or service.

Marginal Product

The additional output that is produced by employing one more unit of a specific input, keeping all other inputs constant.

Related Questions