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Marginal Cost Curves
Graphs that depict the cost of producing one additional unit of a good or service, typically showing how costs vary with production volume.
Short-run
A time frame in which at least one factor of production is fixed, limiting adjustments to production levels.
Economic Profits
The difference between a firm's total revenues and its total economic costs, where economic costs include both explicit and implicit costs.
Perfectly Competitive
In a perfectly competitive market, there are many buyers and sellers, the products are homogenous, and no single entity can influence the market price.
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