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Why was the American fleet caught by surprise when Japan attacked Pearl Harbor?
Average Variable Cost
The total variable costs divided by the quantity of output produced, representing the variable cost of producing each unit of output.
Average Total Cost
The total cost of production (fixed plus variable costs) divided by the number of units produced, showing the average cost per unit.
Long Run
A period during which all factors of production and costs are variable, allowing for the adjustment of all inputs and the adoption of new technology.
Marginal Output
The additional output produced as a result of using one more unit of a particular input while keeping other inputs constant.
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