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A sleepy driver rounds a bend and sees a deer standing in the road. The driver snaps to attention and applies the brakes, averting the accident, because his brain was aroused by the
Average Total Cost
The cost per unit of output, calculated by dividing the total cost of production by the total number of units produced.
Marginal Revenue
The added revenue procured by vending an additional unit of a good or service.
Business
An organized effort by individuals to produce and sell goods and services for profit.
Average Total Cost
The total cost of production (fixed and variable costs combined) divided by the total quantity produced.
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