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When did the Resource Conservation and Recovery Act give EPA power to manage all toxic wastes?
Average Total Cost
The total cost of production divided by the quantity produced, indicating the per-unit cost of production.
Cost Curve
A graph showing the relationship between the cost of producing goods and the quantity produced.
Average Fixed Cost
Production's unchanging charges, unaffected by output levels, divided by the total output quantity.
Average Variable Cost
The cost a company incurs to produce one additional unit of a product, calculated by dividing the total variable costs by the number of units produced.
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