What is labeled as "C" in this figure?
Definitions:
Marginal Cost (MC)
Marginal cost is the increase in total cost that arises from producing one additional unit of a product or service.
Marginal Revenue (MR)
The enhanced earnings from distributing an additional unit of a good or service.
Total Costs
The sum of all expenses incurred in the production of goods or services.
Purely Competitive
A market structure characterized by many buyers and sellers, free entry and exit, and a product that is homogeneous across suppliers, leading to price being determined by supply and demand.
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