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The difference between operating profits in the master budget and operating profits in the flexible budget is called:
Industry Equilibrium Price
The price at which the total quantity demanded by consumers equals the total quantity supplied by firms in an industry.
Perfectly Elastic
A situation in demand or supply where quantity demanded or supplied changes infinitely with any change in price.
Marginal Revenue
The additional income received from selling one more unit of a good or service. It is an important concept in microeconomics and business when determining the optimal level of sales and production.
Profit-Maximizing Level
The point at which a firm achieves the highest profit possible, where marginal cost equals marginal revenue.
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