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Production Function
A mathematical model in economics that describes the relationship between input resources and the output of goods or services a firm can produce.
Long-Run Cost Curve
A graphical representation showing the lowest cost at which any given level of output can be produced in the long run, where all inputs are variable.
Industry Supply Curve
A graph that shows the quantity of goods that producers are willing and able to sell at different price levels in a specific industry.
Marginal Costs
Marginal costs are the additional costs incurred to produce one more unit of a product or service.
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