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ATC
Average Total Cost; the per unit cost of production, calculated by dividing the total cost by the quantity produced.
Monopolistically Competitive
A market structure characterized by many firms selling products that are similar but not identical.
Profit-Maximizing
A strategy or approach used by businesses to determine the price and output level that generates the maximum amount of profit.
Marginal Cost
The cost of producing one additional unit of a product or service.
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