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Short-Run Total Cost
The total of all costs, both fixed and variable, incurred in producing goods or services in the short term.
Production Function
An equation or graph that shows the maximum output that can be produced with a given set of inputs.
Labor
The human effort, either physical or mental, that is expended in the production of goods or services.
Factor Prices
Prices paid for the use of factors of production, such as labor, land, and capital, important in understanding cost structures and economic value added.
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