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Purely Competitive
Describes a market structure where many firms sell identical products, and no single firm can influence the market price.
Negative Economic Profits
A situation where a firm's total revenue is less than its total costs, including both explicit and implicit costs.
Corn Market
The global or local marketplace where corn is traded as a commodity between buyers and sellers.
Increasing-Cost Industry
An industry in which expansion through the entry of new firms raises the prices firms in the industry must pay for resources and therefore increases their production costs.
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