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What are the advantages of incumbency for members of Congress?
P = MR
An economic principle where the price (P) of a product equals its marginal revenue (MR), often applied in perfectly competitive markets.
Minimum ATC
The lowest point on the Average Total Cost curve, where a firm is producing at the most cost-efficient level.
Productive Efficiency
A state in which the economy or an economic system is able to produce maximum output from a given set of inputs without wasting resources.
Marginal Cost
The price involved in producing one more unit of a product or service.
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