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According to the empirical rule,if the data form a "bell-shaped" normal distribution,percent of the observations will be contained within 2 standard deviations around the arithmetic mean.
Average Total Cost Curve
A graphical representation showing the average total cost of producing different quantities of a good or service.
Industry Demand Curve
A graphical representation showing the total demand for the products or services of a particular industry at various price levels.
Government Franchising
A process by which a government grants a company the exclusive right to operate, produce, or sell a service within a certain area.
Legal Barriers
Restrictions established by law or regulation that control how businesses operate, often to limit competition or protect consumers.
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