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Why are the MC and AVC curves U-shaped?
Elastic Demand
A situation where the quantity demanded of a good or service changes significantly as its price changes.
Oligopoly
A market structure in which a small number of firms dominate the market, leading to limited competition.
Market Demand Curve
A graph showing the relationship between the price of a good and the quantity demanded by all consumers in the market.
MR Curve
A graph that represents the relationship between the marginal revenue obtained from selling an additional unit of a good or service and the quantity of that good or service sold.
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