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Licences and patents act as barriers to entry of new firms, thus creating monopolies.
Average Fixed Cost
The fixed costs of production (e.g., rent, salaries) divided by the quantity of output produced; these costs decline as production increases.
Average Variable Cost
Total variable costs divided by the quantity of output, showing the variable cost per unit of output.
Marginal Cost
The price to produce an additional unit of a product or service.
Total Costs
The total expense of manufacturing that encompasses all constant and fluctuating costs.
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