Examlex
Which of the following is CORRECT concerning random assignment?
ATC
Stands for Average Total Cost, which is the sum of all production costs divided by the quantity of output produced.
Short Run
A period in economics during which some factors of production are fixed, making it impossible for a business to change major production facilities.
Average Fixed Cost
The fixed costs of production divided by the quantity of output produced; it decreases as production increases.
Output
The cumulative output of goods and services from a company or an economic system.
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