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Choose the one alternative that best completes the statement or answers the question.
Graph the inequality.
Accounting Profit
Profits as shown on a company’s financial statements. Accounting profit does not necessarily correspond to real or economic profit.
Variable Costs
Costs that vary directly with the level of production or a company's output, such as materials and labor.
Fixed Costs
Costs that do not change with the level of production or sales, such as rent, salaries, and insurance premiums.
Marginal Costs
The increase in total cost that arises from producing one additional unit of a good or service.
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