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Atahualapa
Economic Profits
Profits exceeding the total costs of resources used, including both explicit and implicit costs.
Opportunity Costs
The financial loss associated with overlooking the alternative that is considered second-best when making a choice.
Average Total Cost
The total cost of production (fixed and variable costs combined) divided by the total quantity of output produced.
Competitive Market
A market structure characterized by a large number of sellers and buyers, free entry and exit, and products that are similar enough to be considered substitutes, leading to price competition.
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