Examlex
Which of the following was not an economic factor in medieval China?
Marginal Cost
The amount spent on producing one more unit of a good or service.
Average Total Cost
The per unit cost of production, calculated by dividing the total cost by the quantity of output produced.
Economic Profits
Economic profits consist of the total revenue generated by a business minus both its explicit and implicit costs, reflecting the actual profitability including opportunity costs.
Cherry Industry
A sector of agriculture focused on the cultivation, harvesting, and marketing of cherries, including both sweet and sour varieties.
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