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What conclusions does Gary Becker draw about the possibility of discrimination still occurring in the long run? What might be some explanations for discrimination still taking place today?
Average Cost
Average Cost refers to the total cost of production divided by the number of units produced, effectively calculating the cost per unit.
Entire Market
The total sales volume of all competitors within a particular industry or sector.
Demand Conditions
Refers to the nature and scale of demand in the industry which affects the competitiveness and strategy of firms.
Potential Competitors
Firms or individuals that are not currently in the market but have the ability to enter and compete in the future.
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