What is the average cost - SS2 Economics Basic Cost Concepts: Total, Average, Marginal, Fixed And Variable Cost Question
What is the average cost?
A
The additional cost incurred by producing one more unit of output
B
The cost that does not change with the level of production
C
The sum of all the costs incurred in the production process
D
The total cost divided by the quantity of output produced
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Correct Option: D
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