Examlex
The concepts we use to aid in our mental representation of our world are ____.
Average-Fixed-Cost Curve
A graphical representation that shows the average fixed costs of production at different levels of output.
Average-Total-Cost Curve
Graphical representation that shows how the average total costs of production change as the quantity of output is altered.
Average-Fixed-Cost Curve
A graphical representation that shows how the average fixed costs of production decrease as the quantity of output increases, due to spreading fixed costs over a larger number of units.
Average Total Cost
Average total cost is the total cost of production divided by the quantity of output produced, including both fixed and variable costs.
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