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___________consists of the laws that govern the formation, financing, merger and acquisition, and termination of corporations, as well as the rights and duties of those who own and run corporations.
Total Variable Costs
This represents the sum of all costs that vary with the level of output in the production process, such as materials and labor directly involved in making a product.
Average Fixed Costs (AFC)
The fixed costs of production (not varying with output) divided by the quantity of output produced; typically decreases as production increases.
Total Fixed Costs (TFC)
The sum of all costs that remain constant regardless of the level of production or output in the short run.
Average Fixed Cost
The fixed costs of production divided by the total units of output, which decreases as production increases.
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