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Along a linear demand curve, as the price rises, demand becomes more
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.
Average-Variable-Cost Curve
A graphical representation showing how the average variable cost of production changes as the quantity of output is altered.
Average Variable Cost
The sum of all costs that vary with output levels, divided by the total quantity of produced output.
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