Each Gate Is Defined in Three Ways: Graphic Symbol,algebraic Notation,and

question 5

Short Answer

Each gate is defined in three ways: graphic symbol,algebraic notation,and __________.

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Definitions:

Competitive Industry

An industry characterized by a large number of firms competing against each other, leading to innovation, varied product choices, and reasonable prices for consumers.

Marginal Cost

The cost associated with producing one more unit of a product, reflecting how production costs change with output levels.

Average Cost

The total cost of production divided by the number of units produced, often used to calculate the cost per unit.

Total Surplus

The overall net benefit to society, calculated as the sum of consumer surplus (benefits to consumers) and producer surplus (benefits to producers) from a transaction.