Examlex
What is another name for goods and services produced by firms?
Variable Costs
Costs that change in proportion to the level of activity or volume of production in a business.
Total Fixed Costs
The total of all expenses that stay the same no matter the amount of production or output.
Average Total Costs
The total cost of production (fixed and variable costs combined) divided by the number of units produced; it shows the cost per unit of output.
Variable Costs
Costs that change in proportion to the level of output in the production process.
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