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Explain how the output effect and the price effect influence the production decision of the individual oligopolist.
Retired
The status of no longer being active in one's profession or job due to reaching a certain age or voluntary choice, often resulting in pension or retirement benefits.
Fully Depreciated
The state of an asset when its book value is reduced to zero through depreciation, signifying it has recognized the expense of its full useful life.
Salvage Value
The estimated sell-back value of an asset once it surpasses its life of effectiveness.
Book Value
The net value of a company's assets minus its liabilities, representing the shareholders' equity on a per share basis.
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