Examlex
A population of catfish in a muddy pond reaches its maximum size as the food supplies start to run low.Without any new sources of food,the catfish population remains steady.This population represents
Economies of Scale
Enterprises achieve cost benefits from their operation size, resulting in a reduction of cost per output unit as the scale expands.
Average Variable Cost
The total variable costs divided by the quantity of output produced; it fluctuates with production volume.
Line Segment AB
A part of a line that is bounded by two distinct end points, A and B, and contains every point on the line between A and B.
Marginal Cost Curve
A graphical representation showing how the cost of producing one additional item changes with increased production.
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