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Replacing merit grids with _____ eliminates the link between the pay increase and the employees' salary position in the range and performance rating.
Total Variable Cost
The sum of all costs that vary with the level of output, such as raw materials and labor expenses, for a given period.
Average Variable Cost (AVC)
The total variable costs of production divided by the quantity of output produced, representing the variable cost per unit of output.
Average Total Cost
The total cost of production divided by the quantity of output produced, representing the average cost per unit of good or service.
Average Fixed Cost
The fixed costs of production (costs that do not change with output) divided by the quantity of output produced, which decreases as production increases.
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