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Locate the following places by reference number on the map:
The World Known to Europe During the Age of Discovery, 1492-1609
-____ Portugal
Fixed Cost
Costs that do not change with the amount of goods or services produced, such as rent, salaries, and loan payments.
Variable
A variable represents any quantity, factor, or feature that can vary or change in mathematical modeling, statistics, and scientific experiments, influencing results or outcomes.
Output
Refers to the total amount of goods or services produced by an individual, company, or economy.
AVC
Average Variable Cost, the total variable costs divided by the quantity of output produced.
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