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What is a cartel? Use an example to clarify your response.
Market Price
The present cost at which a product or service is available for purchase or sale in the market.
Economic Profit
The total revenue of a business minus its explicit and implicit costs; represents additional wealth created by a company over and above its costs.
Total Revenue
The overall amount of money generated from the sale of goods or services.
Total Cost
The total expenditure incurred by a firm to produce a specific amount of goods or services, including both fixed and variable costs.
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