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A child is shown two objects for 20 seconds. After this, one of the objects is replaced and the infant spends more time looking at the new object. Which of the following processes does this represent?
Marginal Cost Curve
A graphical representation showing how the cost to produce one additional unit changes as more units are produced.
Long-Run Supply
A period sufficient for all inputs to production, including capital, to be varied, allowing for adjustments to changes in demand or technology.
Average Total Cost
The total cost of production divided by the total quantity produced, representing the per-unit cost of production.
Long-Run Equilibrium
A state in which all factors of production and economic variables are in balance, with no external pressures forcing change.
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