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The selling concept holds that consumers will favor those products that offer the most quality, performance, or innovative features.
Marginal Cost
The additional expense associated with manufacturing one more unit of a specific item.
Marginal Product
The additional output that is produced by adding one more unit of a specific input, ceteris paribus.
Variable Input
An input in the production process that can be adjusted in the short term, such as labor or raw materials.
Average Total Cost
The sum of all production costs (both fixed and variable) divided by the total quantity of units manufactured.
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