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Key Terms:
economic cost, explict
cost, implicit cost, accounting profit, economic
profit, normal profit, production function, short run,
long run, total product (TP), marginal product (MP),
average product (AP), law of diminishing returns,
increasing marginal returns, diminishing marginal
returns, negative marginal returns, specialization and
teamwork, congestion (getting crowded),
overcrowded,
productivity vs. production vs. productive
efficiency
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