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The business community now encompasses the entire world.
AC
Average Cost, which is the total cost of production divided by the quantity of output produced.
Monopolist
A single seller in a market who has significant market power and can influence the price and quantity of goods or services.
AC
Average Cost; the total cost of production divided by the quantity produced, indicating the cost per unit of output.
Monopoly
An economic situation where a sole seller dominates the market by providing a product that has no closely comparable substitutes.
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