Examlex
Trade allows each person to specialize in the activities he or she does best, thus increasing each individual's productivity.
Marginal Cost
A measurement of the cost incurred by producing one additional unit of a product or service.
Average Variable Cost
The per-unit cost that varies, calculated through the division of total variable costs by the quantity of products made.
Economic Profits
The financial gain made in a transaction after accounting for both explicit and implicit costs.
Average Total Cost
The total cost of production divided by the quantity of output produced, representing the average cost per unit of output.
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