Before You Can Increment or Decrement a Variable, You Have

question 49

Short Answer

Before you can increment or decrement a variable, you have to _______ it.​

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Definitions:

Average Variable Cost

The variable cost per unit of output, calculated by dividing total variable costs by the total output.

Total Fixed Costs

The total of all expenses that do not change with the amount of production or level of business operations.

Equilibrium Level

The state in which market supply and demand balance each other, resulting in stable prices.

Total Costs

The sum of all expenses a firm incurs to produce and sell a product, including both fixed and variable costs.