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Compare and contrast the trustee and instructed delegate theories of representation.
Competitive Price-Taker
An entity in a market that has no control over the prices at which its products are sold, typically due to intense competition and product uniformity.
Marginal Cost
The cost of producing one additional unit of a product.
Average Total Cost
The total cost of production divided by the quantity of output produced, representing the cost per unit of output.
Profit
The financial gain made in a transaction or the operation of a business after subtracting all expenses.
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