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15 cards from this deck
Costs that do not change with output level
Costs that vary directly with output level
Sum of fixed and variable costs
Total costs divided by quantity of output
Additional cost of producing one more unit
Period where at least one factor of production is fixed
Period where all factors of production are variable
Adding variable factor to fixed factor eventually causes marginal product to decrease
Cost advantages from firm increasing production scale, lowering average costs
Cost advantages as industry grows, benefiting all firms
Average costs increase as production scale becomes too large
Lowest output level achieving lowest possible average costs
Larger firms have access to cheaper finance
Large firms buy raw materials in bulk at discounted rates
All firms within an industry
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