Examlex
The value of output produced in the United States in current prices measures:
Costs
The expenses associated with the production of goods or services, including but not limited to materials, labor, and overhead.
Competitive Industry
An industry where numerous firms compete against each other to sell similar products to consumers.
Average Total Cost
The total cost of production (fixed and variable costs) divided by the quantity of output produced.
Marginal Revenue
The augmented income obtained by selling one more unit of a good or service.
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