Examlex
Many small incremental changes to project objectives, which in total significantly expand the scope are referred to as ________ .
AVC
Average Variable Cost; the total variable costs divided by the quantity of output produced.
ATC
Average Total Cost, which is the total cost divided by the quantity of output produced, representing the per-unit production cost.
Marginal Product
The additional output derived from the addition of one more unit of a variable input, holding all other inputs constant.
Marginal Cost
refers to the increase in cost when producing one additional unit of output.
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