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A current trend in R&D management involves the lifting of the veil of secrecy whereby firms, even major competitors, are joining forces to develop new products.
Total Cost
The sum of all costs, fixed and variable, associated with the production and sale of a good or service.
Perfectly Competitive
A market structure where there are many buyers and sellers, all selling identical products, with no barriers to entry or exit.
Market Price
The current exchange rate for an asset or service on the market.
Total Revenue
The total amount of money a firm receives from sales of its products or services.
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