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Explain how the aggregate demand and aggregate supply model can be made more dynamic.
Incremental Costs
The additional costs that are incurred if a certain decision is made or an action is taken.
Incremental Revenue
Additional income received from increasing business activities or sales volumes, often analyzed to decide on new projects or expansions.
Machine Hours
A measure of the amount of time a machine is utilized during the production of goods, often used to allocate manufacturing overhead.
Productive Capacity
The maximum output a system can produce over a given period under normal conditions, reflecting its efficiency and effectiveness.
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