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Alaya's Secret is a chain of beauty salons, where part of the employees' monthly leaves is granted depending on customer feedback. Two days of leave are granted based on performance and the remaining three days are granted based on customers' feedback on the quality of service. In this case, Alaya's Secret is committed to _____.
Average Variable Cost
The variable cost per unit of output, calculated by dividing total variable costs by the quantity of output produced.
Perfectly Competitive
Describes a market structure where numerous small firms compete against each other, and no single entity has market power to set the price of a homogeneous product.
Market Price
The price at which a good or service is offered in the marketplace, determined by supply and demand forces.
Marginal Cost
The increase in total cost that arises from producing an additional unit of output, reflecting the cost of producing one more unit.
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