Examlex
Collective behaviour is difficult to study because
Marginal Output
The additional output that can be produced by adding one more unit of a particular input, while holding all other inputs constant.
Variable Inputs
Variable inputs in production are those inputs that change in quantity with the level of output, such as raw materials and labor.
Inputs
The resources such as labor, materials, and capital that are used in the production process to create goods and services.
AFC
Acronym that stands for Average Fixed Cost, the fixed costs of production divided by the quantity of output produced.
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