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Write the Correct Meaning for IC

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Write the correct meaning for IC:


Definitions:

Total Profit

The overall financial gain made by a business after subtracting all costs and expenses from the total revenue.

Marginal Profit

The additional profit earned by producing and selling one additional unit of a good or service.

Marginal Product

The additional output that is produced by adding one more unit of a specific input, holding all other inputs constant.

Variable Input

An input whose quantity can be changed in the short term to adjust production levels, such as labor or raw materials.

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