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Simulation theory suggests that theory of mind is based on an ability to put ourselves in the shoes of another person, using our own minds to simulate what might be going on in the mind of someone else.
Identical Service
A service that is exactly the same in every feature and aspect when compared to another service.
Efficient Output
The level of production at which a company or economy can produce goods at the lowest possible cost per unit, maximizing the allocation of resources.
Perfect Competitor
A hypothetical firm in a perfectly competitive market that cannot influence the market price of its product and takes the market price as given.
Marginal Cost
A concept in economics that refers to the change in the total cost when an additional unit of a product is produced.
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