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The price of a particular laptop was $799 last year. This year, the price is $871. What is the rate of increase rounded to the nearest tenth of a percent?
Total Revenue
The entirety of income generated by a business from its selling activities, reflecting the aggregate price at which goods or services were sold times the total unit sold.
Total Costs
The sum of all expenses incurred in the production of goods or services, including both fixed and variable costs.
Pure Monopoly
A market structure where a single company is the sole producer for a particular good or service, facing no competition.
Barriers to Entry
Factors that make it difficult for new firms to enter a market, such as high startup costs, regulatory requirements, and established competitors.
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