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A control chart identifies potential causes of failures or defects.
Vertical Axis
The “up-down” or “north-south” measurement line on a graph or grid.
Marginal Revenue
The financial gain from disposing of one extra unit of a product or service.
Average Revenue
The amount of income generated per unit of sale or the total income divided by the number of units sold.
Purely Competitive Seller
A seller in a market that has many buyers and sellers, with all firms selling identical products and no barriers to entry.
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