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Suppose that in October, market analysts predict that the price of platinum will fall in November.What happens in the platinum market in October, holding everything else constant?
Price Taker
An economic term for a market participant that accepts the prevailing prices without influencing them.
Profit
The financial gain achieved when the revenue from business activities exceeds the expenses, costs, and taxes needed to sustain the activity.
Marginal Cost
The cost added by producing one additional unit of a product or service.
Output
The aggregate output of products or services generated by a corporation, sector, or economic system.
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