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What is the material that breaks water into smaller droplets as it falls inside the cooling tower, creating greater surface exposure area?
Average Total Cost Curve
A graphical representation showing how the total cost of production per unit of output changes with the level of output.
Long-run Equilibrium
occurs when all firms in a market or industry are producing at their most efficient level, with no incentive for entry or exit, and economic forces are balanced.
Total Revenue
The total amount of money a firm receives from selling its goods or services, calculated as the unit price multiplied by the quantity sold.
Increasing-cost Industry
An industry in which the cost of production increases as the industry's output expands, often due to resource limitations or rising input prices.
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