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Total Output
Total output is the total quantity of goods or services produced by an economy, firm, or machine in a specific period.
Marginal-Cost Curve
A graphical representation showing how the cost of producing one additional unit of a good varies as production volume changes.
Marginal Cost
The variation in overall expenses that occurs with the production of an additional unit.
Total-Cost Curve
A graphical representation showing the total cost of producing different quantities of a good or service.
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