-The above figure illustrates
Definitions:
Average Fixed Cost
Production costs that stay unchanged with output levels, split by the amount of produced output.
Total Revenue
The cumulative revenue a business earns from its sales or service provisions in a given timeframe.
Total Cost
The aggregate cost of all inputs used in the production of goods or services, including fixed and variable costs.
Purely Competitive Seller
A seller in a market where there are many sellers and buyers, the product is standardized, and no single seller can influence the market price.
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