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What effect did industrialization have on life expectancy in high-income countries?
Optimal Output
The level of production that maximizes a firm's profit, or the most efficient allocation of resources in producing a good or service.
Price to Clear
The price to clear is the market price at which the quantity supplied equals the quantity demanded, thereby clearing the market without leaving surplus or shortage.
Perfectly Competitive Industry
A Perfectly Competitive Industry is characterized by many sellers and buyers, free entry and exit, and a product that is identical across suppliers, leading to no single entity having market control.
Marginal Cost
The additional cost of producing one extra unit of a good or service.
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