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Total Cost
The sum of the fixed cost and the variable cost of producing a given quantity of output.
Producer Surplus
The difference between what producers are willing to accept for a good or service versus what they actually receive, often depicted as an area on a graph.
Supply Curve
A graphical representation showing the relationship between the price of a good and the quantity of the good that suppliers are willing to sell.
Producer Surplus
The difference between the amount producers are willing and able to sell a good for and the amount they actually receive.
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