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What is the order of the expanded Linnaean classification scheme?
Average Total Cost
The total cost of production (fixed and variable costs combined) divided by the number of units produced.
Socially Optimal
A condition or point where the social welfare, including both consumer and producer welfare, is maximized, often considered in the analysis of market efficiency and interventions.
Pure Competition
A market structure characterized by a large number of small firms, homogeneous products, and easy entry and exit, leading to price taking behavior.
Long Run
A period in which all inputs can be adjusted by firms, allowing new firms to enter or exit the industry.
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