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Discretionary fixed costs often involve a long-term contract.
Total Product
The total quantity of output produced by a firm over a given period as a result of inputs.
Economic Profit
The divergence between an organization's total income and its comprehensive costs, incorporating both overt and implicit expenses.
Average Total Cost
The total cost divided by the number of goods produced, representing the per-unit production cost.
Product Price
The amount of money required to purchase a good or service, determined by various factors including production costs, market demand, and competitive dynamics.
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