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Marginal Cost
The expense involved in manufacturing an extra unit of a good or service.
Market Price
The current price at which an asset or service can be bought or sold, determined by the supply and demand dynamics in the marketplace.
Price-Taker Firm
A company that has no control over the market price and must accept the prevailing market price for its product or service.
Price-Taker Model
A market situation where individual firms do not have the power to set prices for their products, instead accepting the market price.
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