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TOTAL VARIABLE COST CURVE: A curve that graphically represents the relation between total variable cost incurred by a firm in the short-run production of a good or service and the quantity produced. The marginal cost curve, THE focal point for the analysis of short-run production, can be derived directly from the total variable cost curve. The shape of the total variable cost curve reflects increasing marginal returns at small quantities of output and decreasing marginal returns at later quantities.

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SUPPLY SCHEDULE

A table that illustrates the alternative quantities of a commodity supplied at different prices. A supply schedule is a simple means of summarizing information about supply price and quantity supplied for a particular good. It is used to highlight the law of supply. It can also be used to derive a supply curve.

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Three-forths of the gold mined each year is used to manufacture jewelry.
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Organization of Petroleum Exporting Countries
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