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Thomas Hobbes's claim in his book Leviathan that life was "solitary, poore, nasty, brutish and short" was an argument
Product Variety
Refers to the assortment of different goods and services that a firm offers to its customers, highlighting the diversity within a product line.
Welfare Enhancing
Activities, policies, or strategies that contribute to an improvement in the general well-being and quality of life of individuals or communities, often through the provision of public goods or redistribution of resources.
ATC
Average Total Cost; the total cost of production divided by the total output produced.
Economic Profits
The remaining amount after deducting total expenses from the total income, taking into account all direct and indirect costs.
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