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DEFINE
-insufficiency of process
Herfindahl-Hirschman Index
A measure used to calculate market concentration, indicating the level of competition within an industry by summing the squares of the market shares of all firms within the industry.
Marginal Revenue
The additional income received from selling one more unit of a good or service.
Total Cost
The sum of fixed and variable costs.
ATC
Stands for Average Total Cost, which is the sum of all production costs divided by the quantity of output produced, encompassing both variable and fixed costs.
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