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The resources used in the production process, including labor, raw materials, and capital.
Least Costly
Refers to the option that requires the smallest amount of expense or effort to achieve a given outcome.
Perfectly Competitive
A market structure characterized by a large number of small firms, a homogeneous product, and free entry and exit, leading to efficient outcomes.
Profit-Maximizing Condition
The state in which a firm's marginal cost is equal to its marginal revenue, aiming to achieve the highest possible profit.
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