Examlex
Which of the following are specialized computers that interconnect the thousands of computers that make up the Internet in order to transmit message parcels along available communication paths and on to their destinations?
Implicit Costs
Costs that represent forgone opportunities, often not directly outlaid but incurred when resources are used for one purpose over another.
Marginal Cost
captures the cost added by producing one extra item of a product, emphasizing the concept of economies of scale and efficiency in production.
Marginal Product
An increase in output resulting from the use of one more unit of a particular input, holding all other inputs constant.
Opportunity Costs
The price paid when one skips the second-best option available in making a choice.
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