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The process of fermentation is energetically more efficient than that of cellular respiration.
Marginal Cost
The increased cost incurred from making one more unit of a product or service.
Average Total Cost
The total cost divided by the quantity of output produced, representing the average cost per unit of output.
Short-Run Supply Curve
A graphical representation showing the quantity of a good or service that producers are willing and able to sell at different prices over a short period, holding other factors constant.
Marginal Cost Curve
A graphical representation that shows how the cost of producing one more unit of a good changes as the production volume changes.
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