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How would a decrease in the natural rate of unemployment affect the long-run Phillips curve?
Marginal Cost
The cost associated with producing one additional unit of a product, which can vary depending on the level of production.
Output
The amount of goods or services produced by a person, machine, business, or industry.
Average Fixed Costs
The total fixed costs of production divided by the quantity of output produced, illustrating how fixed costs dilute as production increases.
Average Total Costs
The total cost of production divided by the number of units produced, reflecting the average cost per unit.
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