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What Are Three Basic Levels of Involvement Available for a Firm

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What are three basic levels of involvement available for a firm that decides to conduct business internationally?


Definitions:

Total Product

Total product refers to the total quantity of output produced by a firm or economy during a given period.

Average Product

The total output produced per unit of a resource employed.

Marginal Product

The extra production resulting from the use of one additional unit of a specific input while holding other inputs steady.

Total Cost

The sum of all costs associated with the production or provision of a good or service, including fixed and variable costs.

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