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According to the Text, New Forms of Information Technology

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According to the text, new forms of information technology


Definitions:

Output

The total amount of goods and services produced by an economy or a firm.

MC

Marginal Cost, which refers to the increase or decrease in the cost of producing one additional unit of a good or service.

ATC

stands for Average Total Cost, which is the sum of all production costs divided by the quantity of output produced; it combines average fixed and variable costs.

MR

Stands for Marginal Revenue, which is the additional income received from selling one more unit of a product or service.

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