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Profit
The financial gain realized when the revenue generated from business activities exceeds the expenses, costs, and taxes needed to sustain the business.
Short-Run
A period in which at least one factor of production is considered fixed, affecting the ability of businesses to change production levels.
Marginal Cost Curve
A graphical representation showing how the cost of producing one more unit of a good varies with the level of production.
Average Variable Cost
The total variable cost divided by the quantity of output produced, representing the cost of producing one more unit.
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