An Increasing-Cost Industry Is One in Which the Per-Unit Cost

question 112

True/False

An increasing-cost industry is one in which the per-unit cost increases as output expands in the long run.

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Definitions:

Variable

A variable represents any quantity, factor, or feature that can vary or change in mathematical modeling, statistics, and scientific experiments, influencing results or outcomes.

Output

Refers to the total amount of goods or services produced by an individual, company, or economy.

AVC

Average Variable Cost, the total variable costs divided by the quantity of output produced.

AVC

Average Variable Cost refers to the sum of all variable expenses incurred when producing an item, divided by the number of units produced.