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What will be the effect of a leftward shift in the AS curve?
Average Total Cost Curve
A graphical representation showing the cost per unit of output when fixed and variable costs are summed up and divided by the total output.
Variable Costs
Costs that vary directly with the level of production or output, such as raw materials and labor expenses.
Fixed Costs
Business expenses that are not affected by changes in the level of production or sales, such as rent and salaries.
Total Variable Costs
The sum of expenses that change directly with the level of output or production volume.
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