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Describe three conditions that are necessary for electromagnetic radiation to resolve an object.
Average Cost
The total cost of production divided by the number of units produced, indicating the cost per unit.
Fixed Costs
Costs that do not vary with the level of production or business activity, such as rent, salaries, and insurance.
Variable Costs
Costs that change in proportion to the level of production or business activity.
Shut Down
The process of ceasing operations, often temporarily, as a strategic or economic decision by a business.
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