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Total Cost Function
An equation that represents the total cost incurred by a firm in the production of goods or services, as a function of output level.
Inverse Demand
A representation of demand in economics where the price of a good is expressed as a function of the quantity demanded.
Patent
A legal right granted to an inventor, giving them exclusive rights to manufacture, use, or sell their invention for a certain period of time.
Marginal Cost
The change in total cost that arises when the quantity produced increases by one unit.
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