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-Inventories
Increasing Marginal Product
A situation where each additional unit of input results in an increased amount of output.
Economic Rents
Extra earnings above the minimum amount necessary to keep a factor of production in its current use.
Accounting Costs
The explicit costs of a business, representing the actual outflows of cash for wages, rent, materials, and other tangible inputs.
Economic Costs
The total cost of choosing one action over another, including both explicit (direct monetary costs) and implicit (opportunity costs) factors.
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