Examlex
Which of the following is not a basic characteristic of pure competition?
Marginal Revenue
The increase in income a business achieves through the sale of one extra unit of a product or service.
Marginal Cost
The extra charge involved in producing an additional unit of a product or service.
Average Total Cost
The total cost divided by the quantity of output produced, reflecting the average cost per unit of output.
Profit
The financial gain made in a transaction, calculated as the difference between the revenue received and the costs incurred.
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