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Adaptations necessary to meet changes in market demand are difficult because an organization resists change.
Total Variable Cost
The total of expenses that vary directly with the level of production, such as raw materials and direct labor.
Marginal Product
The additional output resulting from the use of one more unit of a production input, keeping other inputs constant.
AVC
Average Variable Cost, which is the total variable costs divided by the quantity of output produced.
ATC
A restated definition for Average Total Cost; it implies the cost per unit produced when both fixed and variable costs are accounted for across all levels of output.
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