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Explain the caste system, including the origin myth and the rules laid out in the dharmashastras. What exceptions have there been to this? Why do you think the caste system has persisted for so long?
Average Total Cost
The total cost of production divided by the quantity of output, representing the per-unit cost of production.
Short Run
The short run in economics refers to a period during which at least one input, such as plant size, is fixed and cannot be changed by the firm.
Competitive Firm
A company operating in a market where it has to compete with other firms for consumers, and has no power to set the price of its products, leading to market-driven pricing strategies.
Monopolistically Competitive Industry
An industry characterized by many firms offering products or services that are similar, but not perfect substitutes, leading to competitive yet differentiated marketplaces.
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