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What is the Washington consensus?
Average Fixed Cost
The fixed costs of production divided by the quantity of output produced.
Total Cost
The complete cost of producing a specific amount of goods or services, including both fixed and variable costs.
Purely Competitive Industry
A market structure where many firms sell identical products, and no single company can influence the market price due to competition.
Profit
The financial gain realized when the revenue gained from a business activity exceeds the costs, expenses, and taxes needed to sustain the activity.
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