Examlex
This policy aimed to make waters healthy enough to support propagation of fish and shellfish that could be consumed by humans and low in contaminants so that they were safe for swimming and recreation.
Diminishing Marginal Returns
A principle stating that as more of a variable input is added to a fixed input, the additional output from each new unit of input will eventually decrease.
Average Total Cost Curve
A graphical representation showing the cost per unit of output when fixed and variable costs are summed up and divided by the total output.
Variable Costs
Costs that vary directly with the level of production or output, such as raw materials and labor expenses.
Fixed Costs
Business expenses that are not affected by changes in the level of production or sales, such as rent and salaries.
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