Examlex
Which of the following statements is FALSE?
Output
The total amount of goods or services produced by a company, industry, or economy.
Marginal Product
The additional output gained by adding one more unit of a specific input, while keeping other inputs constant.
Total Output
The total value of all goods and services produced in an economy over a specific time period.
Average Total Cost
The total cost of production divided by the quantity produced, incorporating both fixed and variable costs.
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