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MATCHING Match the Person or Term with the with the Correct

question 18

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MATCHING
Match the person or term with the with the correct description.
-Harriet Beecher Stowe


Definitions:

Variable Costs

Costs that vary directly with the level of production or sales volume, such as raw materials and labor expenses.

Total Fixed Costs

Costs that do not vary with the level of output or sales, such as rent, salaries, and insurance premiums.

Total Costs

sum up all the costs incurred by a business in the production of goods or services, including both fixed and variable costs.

Economic Profits

The profit a firm makes after deducting both its explicit and implicit costs, reflecting the total opportunity costs of all resources used.

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