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Purely Competitive Market
A market structure characterized by many sellers and buyers, homogeneous products, and easy entry and exit, leading to a situation where no single participant has market control.
Total Fixed Cost
The sum of all costs that remain constant regardless of the level of output or production in a business.
Total Cost
The aggregate sum of all costs, both fixed and variable, incurred in the production of goods or services.
Output
The total amount of goods or services produced by a company, industry, or economy in a given period.
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