Examlex
Identify the letter of the choice that best matches the phrase or definition.
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Average Variable Costs
Refers to the total variable costs (costs that change with production levels) divided by the quantity of output produced.
Average Fixed Costs
The total fixed costs of production divided by the total quantity of output produced, illustrating how fixed costs spread over units as output increases.
Average Total Cost
The total cost of producing a specific quantity of a good or service divided by the quantity produced, representing the per-unit cost of production.
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