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Refer to the accompanying table, where Q represents the quantity produced, internal cost and social cost are given for various quantities, and P represents the price consumers are willing to pay for various quantities. The market equilibrium occurs where price is _________ and quantity is _________.
Average Total Cost
The total cost per unit of output, found by dividing the total cost by the quantity of output.
Mixers
Devices or machines used to combine ingredients together into a homogeneous mixture.
Cakes
Baked goods that are typically sweet, often layered or decorated, and served on special occasions like birthdays and weddings.
Economies of Scale
The cost advantages that enterprises obtain due to their scale of operation, with cost per unit of output generally decreasing with increasing scale as fixed costs are spread out over more units of output.
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