The world of microeconomics and business decision-making hinges upon a key concept: marginal cost. In the simplest terms, marginal cost represents the expense incurred to produce an additional unit of ...

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Being able to determine the behavior of your business costs gives you a better chance to develop methods to control them. While learning these terms may take a little time, the added benefit of ...

Opinions expressed by Entrepreneur contributors are their own. A fixed cost is one that your business incurs whether or not it makes any sales. An example is rent: It has to be paid every month ...