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Which empire replaced the Ming Empire of China?
Business-stealing Externality
A situation where a new entrant in a market captures a portion of the incumbent firms' customers, causing economic losses to existing businesses.
Product-variety Externality
An economic effect where the variety of products available in the market impacts the welfare of consumers, often positively.
Efficient Scale
The level of production at which average total costs are minimized, indicating the most cost-effective scale of operation.
Marginal Cost
The expenditure required to produce one more unit of a particular product or service.
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