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Price Equals the Minimum of Long-Run Average Cost

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Price equals the minimum of long-run average cost


Definitions:

Physical Stimulus

Any external factor that can provoke a physical response or reaction from a biological organism.

Transduction

The process of converting one form of energy into another, as in sensory systems where physical stimuli are converted into neural signals.

Sensory Coding

The process through which the nervous system represents the qualities of the incoming stimulus— whether auditory or visual, for example, or whether a red light or a green one, a sour taste or a sweet taste.

Neural Signal

Electrical or chemical signals transmitted by neurons to communicate information throughout the brain and nervous system.

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