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Later in the 20th century, resource allocation to medical care overtook that for preventive care.
Marginal Cost Curve
A graphical representation that shows how the cost of producing one additional unit of a good varies as production volume changes.
Total Cost
Total Cost encompasses all expenditures incurred by a business in the production of goods or services, including fixed and variable costs.
Total Fixed Cost
The sum of all costs that remain constant regardless of the level of production or output.
Total Variable Cost
The sum of all costs that vary with the level of output produced by a company.
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