Microeconomics Review #1
Accounting Profit-Economic Profit-Normal Profit-Fixed Cost (FC)-Variable Cost (VC)-Total Cost (TC)-Marginal Cost (MC)-Short Run Cost Curves* (at least one fixed resource) Long-Run Cost Curves (all resources are variable) Draw and Label ATC, AVC, and MC. Costs. Output Costs. Output . Economies of Scale-Diseconomies of Scale- ................
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