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In a perfectly competitive market, if price is less than average total cost, but greater than average variable cost at the level of output where marginal cost equals marginal revenue:
Henry Ford
An American industrialist and founder of the Ford Motor Company, known for revolutionizing the automobile industry with mass-production techniques.
Industrial Revolution
The transition to new manufacturing processes in Europe and the United States, from the late 18th century to the early 19th century, which included the development of mechanized production methods.
Steam Engine
A heat engine that performs mechanical work using steam as its working fluid, fundamental to the Industrial Revolution for its role in powering machinery, trains, and ships.
Internet
A global network of interconnected computers that enables users to access information and communicate with each other across the world.
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