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Benchmark control focuses on the quantity of an end product or service.
Marginal Cost Curve
A graphical representation showing how the cost to produce one additional unit changes as more units are produced.
Price Taker
An economic entity that does not have the market power to set the price of a good or service but must accept the market price as given.
Market Price
The present rate at which a service or asset is available for purchase or sale in a market.
Average Variable Cost
The total variable cost divided by the number of units produced.
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