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Why is it considered "ideal" for price to just equal marginal cost?
Actual Costs
The real expenses incurred for materials, labor, and overhead in the production of goods or services, as opposed to estimated or budgeted costs.
Standard Costs
Predetermined costs for the manufacturing of products or performing services under normal conditions, used as benchmarks to measure actual performance.
Accountants
Professionals who manage and analyze financial records to ensure accuracy and compliance with laws and regulations.
Financial Expertise
The knowledge and skills related to managing money, investments, and financial analysis, often essential for making informed business decisions.
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