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Identify the following as fixed costs, variable costs, or mixed costs:
_____________a. Direct materials
_____________b. Electricity
_____________c. Factory building rent
_____________d. Advertising expense
_____________e. Shipping expense
_____________f. Insurance on the factory building
_____________g. Cost of goods sold
_____________h. Direct labor
Corn Yields
The amount of harvested corn produced per unit of land, often measured in bushels per acre.
Marginal Cost
The cost of producing one additional unit of a product.
Industry Price
The average or standard price of goods or services within a specific industry, influenced by factors like demand, supply, and competition.
Returns to Scale
The rate at which output increases as inputs are increased proportionately.
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