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What is "collective bargaining"?
Fixed Cost
Expenses that do not change with the level of production or sales, such as rent, salaries, and insurance.
Variable Cost
Costs that change in proportion to the good or service that a business produces.
Profit
The financial gain obtained when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes involved in sustaining the activity.
Market Price
The current price at which a good or service can be bought or sold in a market, determined by the forces of supply and demand.
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