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Oligopoly
An oligopoly is a market structure in which a few firms dominate the industry, leading to limited competition.
Average Total Cost
Total cost divided by the quantity of output
Marginal Cost
Additional costs associated with the production of one more unit of a product or service.
Monopolistically Competitive
A market structure where many companies sell products that are similar but not identical, allowing for competition based on quality, price, and marketing.
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