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How many members are there in the United Nations Security Council?
AVC (Average Variable Cost)
The cost of labor, materials, and other variable expenses divided by the quantity of output produced, excluding fixed costs.
AFC (Average Fixed Cost)
The fixed costs (expenses that do not change with the level of production) divided by the quantity of goods or services produced, typically decreasing as production increases.
Marginal Cost
The cost increase that comes with producing an additional unit of a product or service.
Marginal Revenue
The heightened income realized from the sale of one more unit of a good or service.
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