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Why might an entrepreneur wish to purchase an existing business rather than start one from scratch?
Perfect Mobility
A theoretical condition where factors of production, such as labor and capital, can be freely moved from one use to another without costs or barriers.
Marginal Revenue
The revenue increment achieved by selling an extra unit of a product or service.
Marginal Cost
The expense associated with manufacturing an additional unit of a product or service.
Average Total Cost
The sum of all production expenses (both constant and fluctuating) divided by the overall output quantity.
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