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One of the most significant problems facing the police over the past three decades has been the tension, and often outright hostility, between the police and minority group citizens.
Price Per Unit
The cost assigned to a single unit of a product or service, used to determine the total price based on the quantity purchased.
Output Increase
The rise in the quantity of goods or services produced by a company or economy over a certain period.
Long-run Cost Structure
The pattern of costs that a firm faces over a long period when it is free to adjust all of its input levels, including investment in new plant and equipment.
Competitive Industry
An industry characterized by many firms offering similar or slightly differentiated products, leading to a high degree of competition and typically lower prices.
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