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In drawing a budget line it is assumed that:
Perfectly Competitive System
A market structure where many firms offer products or services that are similar, leading to a high level of competition and prices that reflect the true supply and demand.
Allocation of Resources
The process of assigning available resources, both human and material, to specific uses to satisfy the needs and wants of a society.
Equal Distribution
The concept of distributing resources or income in a way that every member of a society gets an equal share.
Marginal Cost
The expense incurred from the manufacture of an extra single unit of a product or service.
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