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The tendency for individual effort to decline as group size increases refers to:
ATC Curves
Graphs that represent the average total cost of production at different levels of output in economics.
Competitive Industry
An industry characterized by multiple firms competing with each other by offering similar products or services, aiming to attract consumers and gain market share.
Perfect Competition
A market structure characterized by a complete absence of rivalry among the sellers and perfect information among buyers and sellers.
Short Run
A period in economic analysis where at least one input (such as plant size) is fixed and cannot be changed.
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