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The original forerunner of the EU,the __________ was formed in 1951 by Belgium,France,West Germany,Italy,Luxembourg,and the Netherlands.
Average Costs
The total cost of production divided by the number of goods produced, a measure of cost efficiency.
Shutting-Down
A short-term decision by a firm to cease operations while it still has the option to resume in the future, often due to unfavorable market conditions.
Average Costs
The cost per unit is determined by dividing the total production cost by the number of units manufactured.
Long Run
A period sufficient for all inputs to production, including physical capital, to be adjusted.
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