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Describe the four phases of group development, and what is expected to occur in each phase.
Competitive Firm
A company that operates in a market with many buyers and sellers, where each has a negligible effect on the market price.
Average Total Cost
The cost per unit of output, calculated by dividing the total production cost by the quantity of output produced.
Marginal Revenue
The supplementary earnings acquired from selling an extra unit of a product or service.
Competitive Market
A market structure where multiple firms are vying for consumers' business, thereby fostering innovation and fair pricing due to competition.
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