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When firms are neither entering nor exiting a perfectly competitive market:
Operating Income
Income earned from a firm's regular business operations, excluding deductions of interest and taxes.
Absorption Costing
A costing method where all manufacturing costs, including both fixed and variable costs, are attributed to the product, thus fully absorbing them.
Net Income
The profit of a company after all expenses and taxes have been deducted from total revenue.
Variable Manufacturing Costs
Costs that vary directly with the level of production, including expenses like raw materials and direct labor.
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