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displays declining unit costs so long as output is increasing. indicates the lowest unit costs achievable when a firm has had sufficient time to alter plant
What is costs?
A cost is the value of money that has been used up to produce something or deliver a service and is thus no longer available for use in production, research, retail, or accounting. In business, the cost could be one of acquisition, in which case the money spent to acquire it is counted as cost.
The four major types of cost are direct, indirect, fixed, and variable. In addition, you should consider operating costs, opportunity costs, sunk costs, and controllable costs.
Businesses incur two types of costs: fixed and variable costs. Variable costs vary with output, whereas fixed costs do not. Overhead costs are another term for fixed costs. They are incurred regardless of whether a
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