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Crude Oil
A naturally occurring, unrefined petroleum product composed of hydrocarbon deposits and other organic materials, used as a primary energy source.
Industry Output
The total production of goods and services produced by a specific sector of the economy over a given period.
Marginal Cost
The cost incurred from producing one additional unit of a good or service.
Fixed Cost
Costs that do not vary with the level of production or sales, remaining constant regardless of the amount of goods or services produced.
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