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Total Economic Costs
The sum of all expenses a firm faces, including both explicit costs (direct payments) and implicit costs (opportunity costs).
Marginal Revenue
The gain in income from selling an additional unit of a product or service.
Marginal Cost
The cost implications of producing an additional unit of either a product or service.
Total Revenue
The total amount of money generated by a business from the sale of goods or services before any expenses are subtracted.
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