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What are the basic elements of a financial accounting system?
Pure Competition
A market structure characterized by a large number of buyers and sellers, uniform products, and free entry and exit, leading to price taking behaviour.
Excess Capacity
A situation where a firm is producing at a level less than its potential maximum output, indicating underutilization of resources.
Monopolistically Competitive
An economic scenario where multiple companies offer products that are alike but not exactly the same, providing them with a certain level of influence over the market.
P < ATC
A situation where the price of a good is less than the average total cost of producing that good, indicating a potential loss to the firm.
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