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Perfect Competitor
An individual or firm operating in a perfect competition market structure, unable to influence the market price and thus takes it as given.
Essential Resource
A fundamental input or commodity that is considered vital for the production of goods and services and the functioning of an economy or ecosystem.
Economies
Broad systems involving the production, distribution, and consumption of goods and services within a society.
Marginal Revenue
The increased earnings a business obtains from the sale of one extra unit of goods or services.
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