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Imagine that you ask your friend to come with you to the gym.Explain what would you say if her response was "I don't need to go to the gym.I'm not overweight,nobody in my family is,and I don't have time."
Variable Costs
Costs that change in proportion to the level of goods or services that a business produces.
Product Demand Curves
Graphical representations showing the relationship between the price of a product and the quantity of the product demanded.
Normal Profit
The minimum profit necessary for a company to remain competitive in the market; it occurs when total revenue equals total costs.
Normal Profit
The profit level that allows a business to remain competitive in the market, covering its opportunity costs.
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