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Where has state-led development occurred? Where has market-led development occurred?
Total Cost
Total cost is the complete amount of money it takes to produce a good or service, including both fixed and variable costs.
Short Run
A period in economics during which at least one input, such as plant size or capital, is fixed and cannot be changed.
Variable Costs
Variable costs are expenses that change in proportion to the activity or volume of business, such as materials and labor costs.
Fixed Inputs
Resources used in production that cannot be easily increased or decreased in a short period.
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