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Policies that are meant to help some industries can end up hurting others. For example, the tariffs on imported steel that ____ U.S. steel producers may _____ firms that use steel in their products, such as elevator companies and car manufacturers.
Fixed Cost
Costs that do not change with the volume of production, such as rent, salaries, and equipment leases.
Total Cost
The complete cost of production that includes both fixed and variable costs incurred in making a product or providing a service.
Average Variable Cost
The sum of costs that vary with the level of production, distributed over the total number of units produced.
Variable Cost
Expenses in a business that change in proportion with the volume of production or sales, such as materials and labor costs.
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