Examlex
Total revenue will decrease if price
Marginal Cost
The charge for generating one more unit of a good or service.
Total Variable Cost
Total variable cost is the sum of all costs that vary directly with the level of production or output, such as materials and labor.
Marginal Cost
The added cost of producing one additional unit of a product or service.
AVC
Average Variable Cost, calculated by dividing total variable cost by the quantity of output produced.
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