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Explain competency-based pay, including its advantages and disadvantages.
Average Variable Cost
Average variable cost is the total variable cost divided by the quantity of output produced, representing the variable cost per unit of output.
MR = MC Output
The output level where marginal revenue equals marginal cost, indicating the profit-maximizing level of production for a firm.
Economic Profit
The distinction in total financial gain and the entirety of expenses, involving both acknowledged and unacknowledged costs.
Total Revenue
The total amount of money generated by a business from the sale of goods or services before any expenses are deducted.
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