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Total Cost
The sum of fixed and variable costs used in producing goods or services.
Product Price
The amount of money charged for a good or service, determined by various factors including production costs, market demand, and competition.
Marginal Cost
The elevation in aggregate expenditure associated with creating an additional unit of a product or service.
Economic Profit
The difference between total revenue and total costs, including both explicit and implicit costs, reflecting the total gains from undertaking an economic activity.
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