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MC
In economics, MC stands for Marginal Cost, which is the cost of producing one additional unit of a good or service.
Variable Costs
Costs that change in proportion to the level of goods or services that a business produces.
Product Demand Curves
Graphical representations showing the relationship between the price of a product and the quantity of the product demanded.
Normal Profit
The minimum profit necessary for a company to remain competitive in the market; it occurs when total revenue equals total costs.
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