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Definitions:
Efficient Output
The level of production at which a company or economy can produce goods at the lowest possible cost per unit, maximizing the allocation of resources.
Perfect Competitor
A hypothetical firm in a perfectly competitive market that cannot influence the market price of its product and takes the market price as given.
Marginal Cost
A concept in economics that refers to the change in the total cost when an additional unit of a product is produced.
Average Total Cost
The total cost of production (fixed and variable costs) divided by the quantity produced, indicating the cost per unit of output.
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