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A burn from steam at 100 °C is expected to be more severe than a burn from boiling water at 100 °C because
Total Revenue
The complete total of earnings a firm gains through product sales or service charges over a set period.
Total Cost
The complete cost of production, including both fixed and variable costs. It represents the entire expense incurred in producing a good or service.
Free Entry
A market condition where firms can enter the industry without any barriers to entry, promoting competition.
Exit
In economic terms, the process of withdrawing from a market, ceasing operations, or ending an investment.
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