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average cost - 🧠ANSWER ✔✔the total cost divided by the quantity
produced
Diminishing marginal - 🧠ANSWER ✔✔a level of production in which the
marginal product of labor decreases as the number of workers increases
returns - 🧠ANSWER ✔✔profit earned through investing
elasticity of supply - 🧠ANSWER ✔✔a measure of the way quantity supplied
reacts to a change in price
excise tax - 🧠ANSWER ✔✔a tax on the production or sale of a good
fixed costs - 🧠ANSWER ✔✔Costs that do not vary with the quantity of
output produced
increasing marginal - 🧠ANSWER ✔✔a level of production in which the
marginal product of labor increases as the number of workers increases
returns - 🧠ANSWER ✔✔profit earned through investing
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