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The assumption on utility functions that states that, if two bundles are close to each other in the feasible set, then they will be assigned utility numbers that are close to each other as well is called
Economic Profit
The discrepancy between the total sales of a corporation and its cumulative expenditures, including both manifest and concealed costs.
Productive Inefficiency
A situation in which a firm or economy is not producing goods and services at the lowest possible cost, often due to misallocation of resources or other factors.
Marginal Cost
The monetary cost of manufacturing one more unit of a good or service.
Average Total Cost
The total cost of production divided by the number of goods produced, representing the cost per unit of output.
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