Examlex
________ are numbers or words arrayed in rows and columns.
AVC
Average Variable Cost, which is the variable cost per unit of output, typically considered in the short run.
AFC
Average Fixed Cost, which is the fixed costs of production divided by the quantity of output produced.
MR
Marginal Revenue, which refers to the additional income generated from selling one more unit of a good or service.
MC
The cost associated with producing an additional unit of a good or service, reflecting the increase in total production cost.
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