Examlex
Approximately one-third of the total body water is found ____ and is called ____ fluid.
AVC
Average Variable Cost is the total variable costs divided by the quantity of output, representing the variable cost per unit of output.
MC = MR
An economic principle stating that to maximize profits, firms should produce up to the point where marginal cost equals marginal revenue.
MC = MR
The principle that profit maximization occurs when a firm's marginal cost (MC) equals its marginal revenue (MR).
Economic Profit
The difference between total revenue and total costs, including both explicit and implicit costs, representing the surplus revenue after accounting for all costs.
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