Examlex
If there is an improvement in the technology of producing a product, the supply curve for that product will shift to the left.
Variable Cost
Costs that change in proportion to the level of production or sales volume.
Average Total Cost
The average cost of producing one unit, determined by dividing the total production expenses by the quantity of products made.
Fixed Cost
Expenses that do not change as a function of the activity of a business, within the relevant period.
Marginal Cost
The cost of producing one additional unit of a product.
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