Examlex
Identify the following terms.
-Mayan hieroglyphs
Diseconomies of Scale
A situation where an increase in production leads to higher average costs for firms, contrary to economies of scale.
ATC
Average Total Cost, the total cost divided by the quantity of output produced; it's a measure of per-unit production cost.
MC
Short for marginal cost, it represents the change in total cost that arises when the quantity produced is incremented by one unit.
Herfindahl Index
An economic measure of market concentration, calculated by summing the squares of the market shares of all competitors within an industry.