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Technological change
Lowest Cost Level
The point at which a business can produce its goods or services at the minimum possible cost.
Average Total
The sum of all the costs of production (fixed and variable) divided by the total quantity produced; often referred to as average total cost.
Marginal Cost Curve
A graphical representation showing how the marginal cost varies with the quantity of output produced, typically U-shaped due to economies and diseconomies of scale.
Average Fixed Cost Curve
A graphical representation depicting how the average fixed costs of production change with different output levels.
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