Examlex
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Marginal Cost Increases
The rise in the cost to produce one additional unit of a good or service.
Marginal Product
The additional output that is produced as a result of adding one more unit of a specific input, holding all other inputs constant.
Total Cost
The overall expense incurred in the production of goods or services, combining both fixed and variable costs.
Average Total Cost
The total cost of production divided by the total output, indicating the average cost per unit of output.
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