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When an economy is in a recession,
Average Total Cost
The total cost of production divided by the number of units produced, encompassing both fixed and variable costs.
Total Variable Costs
The sum of expenses that vary directly with the level of production or sales volume.
Marginal Cost
The amount of money needed to create an additional unit of a product or service.
Average Total Costs
The total costs of production (fixed and variable) divided by the quantity of output produced.
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