Examlex
When water overbanks repeatedly in an area,that area is called a(n)
AVC
Average Variable Cost, which is the total variable costs divided by the quantity of output produced.
Average Variable Cost
The total variable costs (costs that change with production volume) divided by the quantity of output produced.
Average Total Cost
The total cost of production divided by the quantity produced, representing the cost per unit of output.
Short Run
In economics, a period where at least one input, such as plant size or capital, is fixed and cannot be changed, contrasting with the long run where all inputs can vary.
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