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Explain the following four features of institutions that structure politics, using specific examples to illustrate each point.
Average Total Cost
The total cost of production (fixed and variable costs combined) divided by the total quantity produced.
Long Run
In economics, a period in which all inputs can be adjusted by firms, allowing for the full impact of decisions to unfold and market to reach equilibrium.
Break-Even Point
The break-even point is the level of production or sales at which total revenues equal total expenses, resulting in no net profit or loss for a business.
Short-Run Supply Curve
A graphical depiction showing the relationship between the price of a good and the quantity supplied over a short period, wherein some inputs are fixed.
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