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Total profit is maximized if the slope of the total profit curve is
Price Takers
Market participants who accept the prevailing market price without having the influence to alter it.
Output Level
The total quantity of goods or services produced by a business or economy in a given period.
Market Price
The current market value at which an asset or service can be transacted.
Perfect Competition
A market structure characterized by a complete absence of rivalry among the individual firms. In this market, all firms sell an identical product, there are no barriers to entry or exit, and no single firm can influence the market price.
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