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Transcription _____.
Average Total Cost
The total cost of production divided by the quantity of output produced, encompassing both fixed and variable costs.
Total Revenue
The total income a firm receives from selling its products; calculated as the quantity sold multiplied by the price per unit.
Total Cost
The sum of fixed and variable costs incurred by a business in the production of goods or services.
Profit
The financial gain achieved when the revenue gained from business activities exceeds the expenses, costs, and taxes needed to sustain the activity.
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