Examlex
________ refers to rules about who is and is not considered a member of the family.
Marginal Cost
The funding necessary to manufacture an extra unit of a good or service.
Average Variable Cost
The total variable costs (costs that change with production volume) divided by the quantity of output produced.
Market Price
The going rate at which a product or service is available for buying or selling in a particular market.
Pure Competition
A market structure characterized by an extremely high level of competition, where no single buyer or seller has the power to influence prices or market conditions.
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