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Total Cost
The entirety of spending on the production of products or services, incorporating both costs that are constant and those that can change.
Suffer Losses
A situation where a business or individual incurs expenditures that exceed their revenues or income, resulting in a negative financial outcome.
Output Ranges
Output ranges refer to the span of production levels that a firm or economy can achieve within certain capacities or under specific conditions.
Average Variable Cost
The total variable costs of production divided by the quantity of output produced, indicating the cost of producing each additional unit.
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