Examlex
Explain the differences between goods and services.
AVC
Average Variable Cost, which is the variable cost per unit of output.
Marginal Cost
The production cost for one more unit of a product.
Average Total Cost
The total cost of production divided by the number of units produced, representing the per-unit cost of production.
Perfectly Competitive
A market structure where there are many buyers and sellers, all selling identical products, with no single entity able to influence the market price.
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