Examlex
Abstract terms like "cost of living" and "price level" are meaningless to ordinary individuals.
Marginal Cost
The cost of producing one additional unit of a product, reflecting changes in variable cost as output is adjusted.
Average Cost
The total cost of production divided by the number of goods produced, providing a cost per unit of output.
Marginal Revenue
The incremental revenue resulted from the sale of one more product or service unit.
Total Revenue
The entire amount of income generated by the sale of goods or services.
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