Examlex
European colonizers did NOT try to replicate in Africa the indirect-rule model used in South Asia.
Variable Cost
Costs that vary directly with the level of output or production volume, such as materials and labor expenses.
Average Variable Cost
The total variable costs incurred by a firm divided by the quantity of output produced.
Marginal Cost
The extra cost resulting from the manufacture of an additional unit of a product or service.
Average Fixed Cost
The total fixed costs of production divided by the quantity of output produced, indicating how fixed costs dilute with increased production.
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