Examlex
Mental shortcuts that help us make decisions more easily by allowing us to skip the effort of gathering considerable information and analyzing it thoroughly are known as
Output
The quantity of goods or services produced by a firm, industry, or economy in a given period.
Marginal Cost
The change in total production cost that comes from making or producing one additional unit.
Total Cost
The total amount of money spent on creating goods or services, encompassing both constant and fluctuating expenses.
Average Total Cost
The total cost of production divided by the number of units produced, representing the cost per unit of output.
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