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Perfect Competitor
A hypothetical firm in a perfectly competitive market that cannot influence the market price of its product and takes the market price as given.
Marginal Cost
A concept in economics that refers to the change in the total cost when an additional unit of a product is produced.
Average Total Cost
The total cost of production (fixed and variable costs) divided by the quantity produced, indicating the cost per unit of output.
Marginal Revenue
The additional income generated from the sale of one more unit of a good or service.
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