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Factor Prices
The prices of inputs used in the production of goods or services, such as labor wages, rent for land, and profit for capital.
Output Cost
The total expenses incurred in the production of goods or services, including both variable and fixed costs.
Average Cost
The total cost of production divided by the quantity produced, indicating the cost of producing each unit of output.
Equilibrium Population
It is the size of a population at which the number of births equals the number of deaths, resulting in a stable population level over time.
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