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Why do taxes adversely affect the allocation of resources in society?
Contribution Margin
The difference between sales revenue and variable costs, indicating how much revenue contributes to covering fixed costs and generating profit.
Relevant Range
The range of activity within which the assumptions about fixed and variable cost behaviors are valid.
Sunk Cost
A past cost that has already been incurred and cannot be recovered, which should not influence future financial or business decisions.
Net Operating Income
The profit generated from a company's ordinary, day-to-day business operations, calculated by subtracting operating expenses from gross profit.
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