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Output
The total amount of goods and services produced by an economic system over a specific period.
Price
The sum of money anticipated, needed, or provided as payment for an item.
Monopoly Position
A market structure characterized by a single seller who has exclusive control over a product or service, leading to limited consumer choice.
Average Total Costs
The total costs of production (fixed plus variable costs) divided by the total quantity of output produced, indicating the average cost per unit of product.
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