FRC = Functional Residual Capacity
FRC stands for Functional Residual Capacity.
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It is a lung volume taken while respiration is in a steady state.
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It is a constant value: it measures a volume that remains essentially the
same from breath to breath.
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As illustrated in the figure below, it represents the amount of air
remaining in your lungs after exhaling a normal, relaxed breath.
Refer to this cool picture: