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The supply curve for stand up paddle boards
Fixed Costs
Fixed costs are business expenses that remain constant irrespective of the level of goods or services produced, such as rent, salaries, or loan payments.
Output
The total amount of goods and services produced by a firm or country.
Average Fixed Costs
The fixed expenses of a business divided by the number of units produced, demonstrating how those costs dilute with increased production.
Implicit Costs
The opportunity costs of using resources owned by the firm for its own production instead of earning income from these resources elsewhere.
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