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Explain Merton's aspects of function within society.
Market Demand Curve
A graphical representation that illustrates the total quantity of a particular good or service that consumers in a market are willing to buy at various prices.
Minimum Average Total Cost
The lowest point on the average total cost curve, representing the most efficient scale of production for minimizing costs per unit.
Average Total Cost
The total cost of production divided by the quantity of output produced, indicating the cost per unit of output.
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