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All of the following statements are true EXCEPT:
Variable Input
An input whose quantity varies with production levels, affecting cost and output.
Marginal Cost
The added cost of producing one additional unit of a product or service.
Labor Costs
The total amount of money businesses have to pay to their employees for work done, including wages, salaries, and benefits.
Marginal Cost
The increase in cost resulting from the production of an extra good or service unit.
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