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Predict the product and provide a curved arrow mechanism for the formation of the product.
Short-run Total Cost
The total of all costs, both fixed and variable, that a firm incurs in producing goods or services in the short run.
Average Total Cost
The cost per unit of output, determined by dividing the overall production cost by the quantity produced.
Fixed Cost
A cost that does not change with an increase or decrease in the amount of goods or services produced.
Variable Cost
A cost that changes with the level of output or production.
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