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-the Parthenon
Economic Profits
The excess of total revenue over total cost, including both explicit and implicit costs, indicating the efficiency of resource utilization beyond breakeven.
Perfectly Competitive
A market structure characterized by many buyers and sellers, free entry and exit, and a homogenous product, leading to price taking behaviour.
Price
The amount of money required to purchase a good or service, serving as a reflection of its value, market demand, and supply conditions.
Profit Per Unit
The profit made from each product sold, determined by deducting the unit cost from the unit selling price.
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