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What was the Continental Army? What was its role in the American Revolution?
Total Fixed Cost
The sum of all costs that remain constant regardless of the level of production or output.
Total Cost
The complete cost of producing a certain amount of output, including both fixed and variable costs.
Quantity
The amount or number of a material or immaterial thing not usually estimated by spatial measurement.
Average Total Cost
The total cost of production (fixed plus variable costs) divided by the quantity of output produced.
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