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In 2016, of the following which nations had the highest level of real GDP per person?
Variable Cost
Costs that vary in direct proportion to changes in a business’s level of activity or volume of output produced, such as materials and labor.
Differential Cost
The difference in cost between two alternative decisions or scenarios.
Incremental Cost
The additional cost associated with producing one more unit of a product.
Step-Wise Cost
Costs that remain constant for a certain level of activity but jump to a higher amount once a threshold is crossed.
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