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A middle-aged colleague asks, "How can I remain mentally sharp as I age?" Based on the text, which is NOT a helpful suggestion?
Average Total Cost
The total cost of production (fixed and variable costs combined) divided by the number of units produced, expressed on a per unit basis.
Marginal Revenue
The increased income from the sale of one additional unit of a good or service.
Average Fixed Cost
Total fixed cost divided by the number of units produced. It always declines as output increases.
Price-Taker Firm
A company that must accept the market price of its product without having the influence to change it, typically because the market is highly competitive and the product is undifferentiated.
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