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The long-run trend in real GDP is upward. How is this possible given business cycles? What explains the upward trend?
Marginal-Cost Curve
A graphical representation showing how the cost of producing one additional unit of a good varies as production volume changes.
Marginal Cost
The variation in overall expenses that occurs with the production of an additional unit.
Total-Cost Curve
A graphical representation showing the total cost of producing different quantities of a good or service.
Marginal Product
The additional output that is gained by employing one more unit of a factor of production.
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