Examlex
The suffix -otomy means to surgically remove.
Explicit Costs
Direct, out-of-pocket payments made by a business for resources and services used in production.
Incremental Cost
The additional cost associated with producing one more unit of a product or service.
Marginal Cost
The increase or decrease in the total cost of a product when the production volume is increased by one unit.
Opportunity Costs
The cost of an alternative that must be forgone to pursue a certain action, representing the benefits that could have been received by taking an alternative action.
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