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In double-entry accounting, transactions are journalised and then posted to ledger accounts. What is the difference in these two processes and why is it necessary to do both?
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MC Curve
The Marginal Cost curve, which shows the increase in total cost that arises from producing one more unit of a good or service.
Short-Run Supply Schedule
A graphical or tabular representation of the quantity of goods a firm is willing and able to supply at different price points, over a short period.
Total Profit
The net amount of money a business retains after subtracting all its expenses, taxes, and costs from its total revenue.
MC Curve
Marginal Cost Curve, which shows the change in total cost that arises when the quantity produced changes by one unit.
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