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-the general capacity to adapt and respond favorably to physical effort
Fixed Costs
Expenses that remain constant regardless of the amount of goods or services produced, like lease payments or wages.
Long-Run Average Cost Curve
A curve that shows the lowest average cost at which a firm can produce any given level of output in the long run, when all inputs are variable.
Short-Run
A period during which at least one input (for example, plant size, machinery) in the production process is fixed and cannot be changed.
Tangent
A straight line that touches a curve at a single point without crossing it, often used in geometry and calculus to represent the slope of the curve at that point.
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