Examlex
What is a type of communications service that enables someone to create a kind of private chat room with another individual in order to communicate in real-time over the Internet?
Utility-Maximizing
A principle in economics whereby individuals seek to optimize their satisfaction or happiness through the consumption of goods and services.
Total Product Curve
A graphical representation showing how the quantity of output depends on the quantity of a variable input, holding all other inputs fixed.
Average Product
Calculating the efficiency of input by dividing the entire production by the volume of input.
Average Total Cost
The total cost of production divided by the quantity produced, also known as cost per unit.
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