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Which of the following is FALSE for the United States from 1960 to 2013?
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Total Variable Cost
Total Variable Cost is the sum of all costs that vary with the level of production or output, including materials, labor, and other expenses that change in proportion to activity.
Fixed Cost
Fixed cost refers to expenses that do not change with the level of production or sales, such as rent, salaries, and insurance.
Marginal Cost
The additional expenditure required to produce one more unit of a product or service.
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