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The power vacuum that was created with the removal of Muammar Gadhafi caused numerous factions and groups to vie for political control in Libya.Briefly describe the different groups fighting for power and their relation to one another.
Sunk Cost
Costs that have already been incurred and cannot be recovered or refunded, and should not influence future business decisions.
Average Fixed Cost
The cost incurred for fixed inputs (rent, salaries) divided by the quantity of output produced, which decreases as production increases.
Variable Cost
Costs that vary directly with the level of production or output, such as materials and labor, in contrast to fixed costs.
Total Cost
The complete sum of all expenses incurred by a business or individual in producing a good or service.
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