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Average Total Cost
The total cost of production divided by the quantity of output produced, representing the cost per unit of output.
Profit-maximizing
The process or strategy of adjusting production and operation to generate the highest possible profit.
Many Buyers
A market condition characterized by the presence of numerous consumers or purchasers for goods and services.
Many Sellers
A characteristic of competitive markets where a large number of sellers offer similar or identical products, preventing any single seller from influencing market prices.
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