Examlex
A medical term that literally translates to surgical removal of wrinkles is ________.
Fixed Cost
Costs that do not vary with the level of production or sales, such as rent, salaries, and insurance expenses.
Variable
An element, feature, or factor that is liable to vary or change; used in statistical analysis and experiments.
Output
The total amount of goods and services produced by an economy or a production process.
AFC
Average Fixed Cost (AFC) is the fixed costs of production (such as rent, salaries, machinery) divided by the quantity of output produced.
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