Examlex
The ________ of a function specifies the arrangement of the arguments in the function.
Law of Diminishing
Refers to the Law of Diminishing Returns, which states that adding more of one factor of production, while holding others constant, will at some point yield lower per-unit returns.
Marginal Returns
The change in output resulting from a one-unit increase in a particular input, while holding other inputs constant.
Marginal Cost
The rise in overall expenses associated with the production of an extra unit of a product or service.
Average Total Cost
The total cost of production divided by the number of units produced, giving a per unit cost of production.
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