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Identify/define and explain the significance of the following: Charles V.
Marginal Cost
The increase in total cost that arises from an extra unit of production.
Total Revenues
Total Revenues refer to the total receipts from sales of goods or services by a company before any expenses are subtracted.
Fixed Costs
These stay the same no matter how much output changes.
Marginal Cost
The additional cost incurred in the production of one more unit of a good or service.
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