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-economic liberalism
Average-Total-Cost Curve
A curve that shows the average total cost of production at different levels of output, typically U-shaped due to economies and diseconomies of scale.
Average-Total-Cost Curve
A graphical representation showing how the average total cost of producing a good changes as the quantity produced changes.
Average-Fixed-Cost
The fixed costs of production divided by the quantity of output produced; it decreases as production increases.
Average-Variable-Cost
The total variable cost divided by the quantity of output produced.
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