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MC
Abbreviation for Marginal Cost, which refers to the increase or decrease in the total cost of production when the quantity produced is adjusted by one additional unit.
Wage Rate
The amount of money paid to an employee per unit of time, often per hour or year.
Marginal Product
The additional output produced by adding one more unit of a specific input, keeping all other inputs constant.
Perfectly Competitive
A market structure characterized by a large number of sellers and buyers, homogeneous products, and no barriers to entry or exit, leading to the optimal allocation of resources.
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