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Total surplus is maximized at a price of $0.
Production
The process of combining various material inputs and immaterial inputs (plans, know-how) to make something for consumption.
Raw Materials
Basic materials that are used in the production process to manufacture goods, often processed in multiple stages before becoming part of the final product.
Total Manufacturing Costs
The sum of all costs directly involved in the production of goods, including direct materials, direct labor, and manufacturing overhead.
Current Year
The present calendar year, within which all immediate or current financial, business, or calendar activities are considered.
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