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Write a short note on the Pension Benefit Guaranty Corporation.
Average Product
The output, on average, produced by each unit of a variable input, like labor.
Marginal Cost
The additional cost incurred by producing one more unit of a good or service, which can influence production and pricing decisions.
Average Fixed Cost
The fixed costs of production (costs that do not change with the level of output) divided by the quantity of output produced, which decreases as production increases.
Total Cost
The sum of fixed costs and variable costs incurred by a business in the production of a good or service.
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