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If demand is perfectly inelastic, the demand curve is vertical, and the price elasticity of demand equals 0.
Average Variable Cost
The total variable costs of production divided by the quantity of output produced, representing the variable cost per unit of output.
Total Variable Cost
The total of all expenses that vary with the level of output or production, including costs for materials and labor.
Total Fixed Cost
The sum of all costs that remain constant regardless of the level of production or output.
Total Revenue
The overall amount of money generated by a firm from its sales activities before any expenses are subtracted.
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