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What are the two effects that explain the law of demand? Briefly explain each effect.
Machine Setups
The process of configuring or preparing machinery for a particular job, task, or production run.
Variable Cost
Expenses that change in proportion to the level of goods or services produced, such as raw materials or direct labor costs.
High-Low Method
A technique used in managerial accounting to estimate fixed and variable costs based on the highest and lowest levels of activity.
Electricity
A form of energy resulting from the existence of charged particles, used as a power source.
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