Examlex
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MC
In economics, MC typically refers to Marginal Cost, which is the cost of producing one more unit of a good.
ATC
The total cost per unit of production, calculated by dividing the overall production cost by the number of units produced.
Production Function
A production function describes the relationship between inputs used in production and the output generated from those inputs.
Law Of Diminishing Marginal Returns
A principle stating that as investment in a particular area increases, the rate of profit from that investment, after a certain point, cannot continue to increase if other inputs remain constant.
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