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Social Darwinism is a theoretical perspective that is often used to argue in __________ of government social programs (such as those that increase welfare to the poor).
Purely Competitive Firm
A company operating in a market where there are many buyers and sellers, the products are homogenous, and there is free entry and exit in the market.
Average Revenue
The revenue per unit of output sold, calculated by dividing total revenue by the number of units sold.
Marginal Revenue
The additional revenue that is gained from selling one more unit of a good or service.
Purely Competitive Firm
An enterprise that operates in a perfectly competitive market, where it is a price taker due to the homogeneity of products and the presence of many buyers and sellers.
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