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Perfectly Competitive
A market structure characterized by a large number of small firms, identical products, and ease of entry and exit.
MC Curve
The graph that shows the relationship between the marginal cost of producing each additional unit and the quantity produced.
Total Profit
The difference between total revenue and total costs, representing the overall earning performance of a business.
Perfectly Competitive
A market structure characterized by a large number of small firms, a homogenous product, free entry and exit, and perfect information, leading to firms being price takers.
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