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Total Profit
The difference between total revenue and total costs, representing the overall earning performance of a business.
Perfectly Competitive
A market structure characterized by a large number of small firms, a homogenous product, free entry and exit, and perfect information, leading to firms being price takers.
Market Price
The current price at which an asset or service can be bought or sold in a competitive market.
Profit
The profit earned when the total income surpasses all the expenditures, costs, and taxes necessary for maintaining the business.
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