9 terms

Fixed Cost

Cost that does not change no matther how much of goods is produced
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Fixed Cost
A cost that does not change of goods is produced
Variable Cost
cost that rises or falls depending on the quantity produced
Total Cost
cost of producing one more unit of a good
Marginal
fixed variable producing one more unit of a good
Marginal Revenue
Additional income from selling one more unit for a good sometimes equal to price
Average Cost
total cost divided by the number of units produced.
Operating Cost
day to day expenses
Subsidy
a government payment that supports a business or market.
Excise Tax
tax production or sale or good
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