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Suppose that a new invention decreases the marginal productivity of labor, shifting labor demand to the left. Such an invention would be an example of
Natural Monopoly
A market condition where a single firm can provide a product or service at a lower cost than any potential competitor, often due to high fixed or start-up costs.
Average Cost Curve
A graphical representation showing the cost per unit of output at different levels of production.
Total Market Demand
The aggregate demand for a good or service across all consumers in a market at various price points.
Economies of Scale
Cost advantages reaped by companies when production becomes efficient, as the average cost per unit of output decreases with increasing scale.
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