Variable costs are costs that increase as a firm's output increases but are constant as a firm's output decreases.
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Q2: Long-run marginal cost is the rate of
Q3: Variable costs are costs that increase or
Q4: Semi-variable costs are costs that increase as
Q5: The private costs of a firm includes
Q6: Implicit costs are those costs of production
Q7: The social costs of firm are the
Q8: Long-run total cost is the maximum economic
Q9: Implicit costs represent the opportunity that a
Q10: Explicit costs are those costs of production
Q11: The private costs of a firm includes
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