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Output, Income, and Expenditure Flows
Total, Variable, Fixed, and Marginal Cost and Output:Variable,Fixed,Output:is the summation of all expenses that do not change as the level of production:varies.Total[Practice
Substitution and Income Effects:Substitution and Income Effects:effectconsumers tend to buy more of them when their income rises.
Optimal Price and Output in Perfect Competition:costcompetitive firm earns zero economic profit in the long run.
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