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A merchant has greater potential warranty liability than does a casual seller.
Total Fixed Cost
The total of all costs that do not change with the level of production or sales activities within a company.
Purely Competitive Market
A market structure characterized by many buyers and sellers, no barriers to entry, and a homogeneous product, leading to the firms being price takers.
Total Cost
The complete amount of costs incurred by a business in the production of goods or services, including both fixed and variable costs.
Marginal Cost
The financial outlay required to produce an additional unit of a product or service.
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