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What happens to the oxygen that is used in cellular respiration?
AVC Curve
The Average Variable Cost (AVC) curve represents how the per-unit variable cost of production changes as the quantity of output changes.
ATC Curve
The average total cost curve, which plots the per-unit total cost of producing goods at different levels of output.
Opportunity Cost
Represents the benefits that are missed or foregone when choosing one option over another.
Implicit Costs
Costs that represent the opportunity costs of using resources that the firm already owns, not involving direct monetary payment.
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