Examlex
An increase in the price of a good leads to a(n) ______ in the marginal utility per dollar of that good, and thus a(n) ______ in the quantity purchased.
Average-Total-Cost Curve
A graphical representation that shows how the average total cost of production changes as the quantity of output is altered.
Diminishing Marginal Product
A principle stating that as additional units of a variable input are added to a fixed input, the additional output produced from each new unit decreases.
Production Function
An equation or representation showing the relationship between inputs used in production and the output of goods and services.
Total Cost
The total expense of production encompassing both constant and fluctuating costs.
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