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Average Revenue
The revenue generated per unit of output sold, calculated by dividing total revenue by the quantity of outputs sold.
Total Revenue
The overall amount of money earned by a business for its products or services before any costs or expenses are subtracted.
Marginal Cost
The increase in total cost that arises from producing an additional unit of output, crucial for decision-making in production.
Short-Run Supply Curve
A graphical representation showing the quantity of goods that producers are willing to supply at different prices in the short term, when at least one input is fixed.
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