__________ ________ Is Used to Improve the Process of Creating

question 51

Short Answer

__________ ________ is used to improve the process of creating goods and services.

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Definitions:

Diminishing Marginal Returns

Diminishing marginal returns occur when the increase in output from adding an additional unit of input decreases, holding all other inputs constant.

Long-run Average Total Cost

The average cost per unit of output when all inputs, including capital, can be varied, and economies of scale are realized fully.

Unit Costs

The cost incurred by a business to produce, store, and sell one unit of a particular product or service.

Plant Size

The capacity or physical extent of a manufacturing facility, including its machinery, layout, and workforce.