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Identify three strategies that can help you avoid listening errors caused by inattention, and explain why they are useful.
Accounting Profits
The financial gain calculated by subtracting total explicit costs from total revenue, using generally accepted accounting principles (GAAP).
Perfectly Competitive Industry
This refers to a market structure where numerous small firms compete against each other with no single company dominating the market, selling identical products, and having easy market entry and exit.
Perfectly Competitive Firm
A business that operates in a market where there are many buyers and sellers, the products are homogeneous, and there are no barriers to entry or exit.
Total Revenue
The total amount of money received by a company for goods sold or services provided during a specific period; calculated as the quantity sold multiplied by the sale price.
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