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When income taxes are included in the basic macroeconomic model, the value of the
Total Output
Total output is the total quantity of goods or services produced by an economy, firm, or machine in a specific period.
Marginal-Cost Curve
A graphical representation showing how the cost of producing one additional unit of a good varies as production volume changes.
Marginal Cost
The variation in overall expenses that occurs with the production of an additional unit.
Total-Cost Curve
A graphical representation showing the total cost of producing different quantities of a good or service.
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