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The Pacific high and Bermuda high are
Average Variable Cost
Average variable cost is the total variable cost divided by the quantity of output, showing the cost of producing one more unit of a good.
Marginal Product
The additional output produced by using one more unit of a given input, holding all other inputs constant.
Marginal Cost Curve
A graphical representation that shows how the cost of producing one additional unit of a good changes as the production volume varies.
Short-Run Marginal Cost
The change in total cost associated with producing one additional unit of output, considering some inputs are fixed.
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