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Identify and briefly describe the four broad attributes of a nation identified by Michael Porter as shaping the environment in which local firms compete,and promote or impede the creation of competitive advantage.Also,outline Porter's conclusions from his analysis.
Average Total Cost
The sum of all production expenses divided by the amount of goods produced.
Perfectly Competitive
A market structure where many firms offer products that are similar and entry into the market is relatively easy.
Market Price
The present cost at which a product or service is available for purchase or sale in a specific market.
Optimal Short-Run Output
The level of production that maximizes profit or minimizes loss in the short term.
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