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About what proportion of white Southerners did not own any slaves?
Average Variable Cost Curve
A graphical representation showing how the average variable cost (AVC) of production changes with the level of output.
Marginal Cost
The cost added by producing one extra item of a product, essentially the change in total cost that arises when the quantity produced changes by one unit.
Variable Cost
Costs that vary directly with the level of production output, such as raw materials and direct labor costs.
Fixed Cost
Costs that do not vary with the level of production or sales, such as rent, salaries, and insurance.
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