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Explain the concept of the "boundaryless" organization.
Perfect Competitor
A theoretical market structure characterized by many sellers and buyers, homogeneous products, and free entry and exit, leading to efficient pricing and resource allocation.
Long Run
In economics, the long run refers to a period in which all factors of production and costs are variable, allowing for adjustment to changes in market conditions.
Marginal Revenue
The extra revenue obtained by selling an additional unit of a product or service.
Marginal Cost
The increase in cost resulting from the manufacture of one extra product or service unit.
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