Examlex
What services do telecommunications offer?
Output Level
The quantity of goods or services produced by a firm or industry at a given time.
Average Variable Cost (AVC)
The total variable cost divided by the quantity of output produced. It represents the variable cost of producing each additional unit.
Marginal Cost
The price of making one more unit of a product or service.
Average Product
The output per unit of input, such as labor or machinery, typically used in the context of analyzing production efficiency.
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