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SCARCITY RENT: The marginal opportunity cost imposed on future generations by extracting one more unit of a resource today. Scarcity rent is one of two costs the extraction of a finite resource imposes on society. The other is marginal extraction cost--the opportunity cost of resources employed in the extraction activity. Scarcity rent is the cost of "using up" a finite resource because benefits of the extracted resource are unavailable to future generations. Efficiency is achieved when the resource price--the benefit society is willing to pay for the resource today--is equal to the sum of marginal extraction cost and scarcity rent.

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AVERAGE VARIABLE COST CURVE: A curve that graphically represents the relation between average variable cost incurred by a firm in the short-run production of a good or service and the quantity produced. This curve is constructed to capture the relation between average variable cost and the level of output, holding other variables, like technology and resource prices, constant. The average variable cost curve is one the three average curves. The other two are average total cost curve and average fixed cost curve.

     See also | curve | average variable cost | short-run production | quantity | technology | resource prices | average total cost curve | marginal cost curve | average fixed cost curve | law of diminishing marginal returns | average-marginal rule | U-shaped cost curves |


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AVERAGE VARIABLE COST CURVE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: July 18, 2025].


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FLEXIBLE EXCHANGE RATE

An exchange rate determined through the unrestricted interaction of supply and demand in the foreign exchange market. Also termed floating exchange rate, this is one of three basic exchange rate policies used by domestic governments to control their exchange rates with the goal of affecting international trade, balance of trade, and balance of payments. This policy is based on the view that the free interplay of market forces is most likely to generate a desireable pattern of international trade. The other two policies are fixed exchange rate and managed flexible exchange rate.

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