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Match the following terms to their definitions from the text. accounting profit average variable cost diminishing marginal productivity economies of scalevariable cost divided by the
Match the following terms to their definitions from the text.
accounting profit average variable cost diminishing marginal productivity economies of scalevariable cost divided by the quantity of output the ownership of businesses by private individuals the long-run average cost of producing output decreases as total output increases total revenues minus explicit costs, including depreciation general rule that as a rm employs more labor, eventually the amount of additional output produced declines resources that rms use to produce their products; for example, labor and capital total revenues minus total costs (explicit plus implicit costs)Step by Step Solution
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