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What are the three theories that are used as alternatives to the biological explanation of racial disparities in healthcare and how are these theories different from the biological explanation?
Average Total Cost Curve
A graphical representation showing the average total cost of producing different quantities of output.
Purely Competitive Firm
A company that operates in a market where there are many buyers and sellers, the products are homogeneous, and there are no barriers to entering or exiting the market.
Economic Profit
The financial delta observed when a business's total outgoings, including every form of cost, are removed from its total intake.
MR = MC Rule
An economic principle stating that profit maximization occurs when a firm's marginal revenue equals its marginal cost.
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