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What happens if the economy is at its long-run equilibrium and aggregate demand increases?
Cost Of Goods Sold
The direct costs associated with producing goods that a company sells, including materials and labour, used to determine gross profit.
Work-In-Process
Partially finished goods that are still in the production process at the end of an accounting period.
Finished Goods
Products that are finished with the production process but remain unsold to any customer.
Total Manufacturing Costs
The sum of all costs directly associated with the production of goods, including raw materials, labor, and overhead expenses.
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