Suppose that each firm in an industry has total costs as shown in the following table. 
Definitions:
Cost of Goods Sold
The direct costs attributable to the production of the goods sold by a company, including both materials and labor costs.
Merchandise Inventory
The total value of a retailer's goods that are available for sale.
Cash Receipts
The money received by a business during a specified period, including revenue from sales, loan proceeds, and investment income.
Cash Disbursements
Outflows of cash for expenses, assets, or other types of payments.
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