Examlex
What is credited with gains in industrial productivity, increased standards of living and affordable products?
Marginal Cost
The cost of producing one additional unit of a product.
Average Total Cost (ATC)
The total cost of production divided by the quantity produced, representing the cost on average of producing one unit of output.
Total Variable Costs (TVC)
Total Variable Costs represent the overall expenses that vary directly with the level of production output, such as raw materials and labor hours.
Output
The total amount of goods or services produced by a person, machine, or industry.
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