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Why do short-run profits in a perfectly competitive industry tend to disappear over time?
ATC Curve
The curve that shows the average total cost of producing different quantities of a good or service.
MC Curve
Represents the Marginal Cost curve, showing how the cost of producing one more unit of a good changes as the production volume is increased.
Profitable Output
The level of production at which a company maximizes its profits under given market conditions.
Break-even Point
The production level at which total revenues equal total expenses, and there is no profit or loss.
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