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Which of the following elements are the least reactive?
Average Fixed Costs
The total fixed costs of production divided by the quantity of output produced, illustrating how fixed costs dilute as production increases.
Average Total Costs
The total cost of production divided by the number of units produced, reflecting the average cost per unit.
Total Variable Cost
The total of all costs that vary with output level, including materials, labor, and other expenses that increase as production increases.
Implicit Costs
The opportunity costs of using resources owned by the firm for its own use, rather than earning income from these resources elsewhere.
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