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What is the price charged by each firm and what quantity will each firm produce?
Marginal Product
The additional output that is generated by adding one more unit of a specific input, holding all other inputs constant.
Marginal Cost Curve
The curve illustrating the change in total production cost with the addition of one more unit of product, reflecting the principle of increasing costs.
Perfectly Competitive
A market structure where numerous small firms compete against each other selling identical products, and where no single firm can influence the market price.
Total Profit
The overall financial gain made by a business after subtracting all costs and expenses from the total revenue.
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