Examlex
What can mangers do to prevent unethical and fraudulent behavior in organizations?
Fixed Cost
Fixed cost refers to a cost that does not change with the level of goods or services produced by a business over a certain period.
Production
The creation or manufacture of goods and services with the combination of labor, equipment, technologies, and raw materials.
Diminishing Returns
A principle stating that if one factor of production is increased while others are held constant, the output per unit of the variable factor will eventually decrease.
ATC
An abbreviation for Average Total Cost, a financial metric calculated by dividing the total cost by the quantity of output produced.
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