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ATC Curve
The Average Total Cost curve in economics represents the total cost per unit of output, including both fixed and variable costs.
Monopolistic Competition
A market structure characterized by many firms selling products that are similar but not identical, allowing for competitive pricing and product differentiation.
Economic Inefficiency
A situation in which resources are not used in the most productive way, leading to losses or waste and the potential for improved outcomes.
Equilibrium
A state of balance in a market system where supply equals demand, and there is no tendency for change.
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