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Briefly describe market controls at the corporate level.
Marginal Revenue
The revenue increment achieved by selling an extra unit of a product or service.
Marginal Cost
The expense associated with manufacturing an additional unit of a product or service.
Average Total Cost
The sum of all production expenses (both constant and fluctuating) divided by the overall output quantity.
Perfect Competition
A market structure characterized by a large number of small firms, similar products, and free entry and exit, leading to price takers.
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