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The ____ intelligence model captures the behavior of an ant colony by using simple agents that operate independently.
Opportunity Costs
The value of the next best alternative foregone as a result of making a decision.
Production Capacity
The maximum amount of goods or services a facility can produce over a given period under normal working conditions.
Widgets
A generic term typically used to describe any product or manufactured item in discussions or examples about economic theory, manufacturing, or sales.
Fixed Costs
Costs that do not change with the level of production or sales, such as rent, salaries, and insurance.
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