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What is the impact of unnecessary surgeries in the American health care system?
Marginal Cost
The incremental cost of producing an additional unit of a product or service.
Perfectly Competitive
A market structure characterized by many small buyers and sellers, identical products, and no barriers to entry or exit.
Profit Maximizing
The strategy or technique of optimizing production and pricing for the utmost profit.
AVC Curve
The Average Variable Cost curve, showing the per-unit variable cost of production at different levels of output.
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