Using the abbreviations listed below, indicate for each of the costs whether the cost should be classified as:
Definitions:
Perfectly Competitive
A market structure where many firms offer a homogeneous product, and no single buyer or seller can influence the market price.
Market Demand Curve
A graph representing the total quantity of a good or service that all consumers in a market are willing and able to purchase at various prices.
Perfectly Competitive Industry
A market structure characterized by many small firms, homogeneous products, and free entry and exit, leading to price takers.
Market Demand Curve
A graphical representation showing the quantity of a good or service buyers are willing to purchase at various prices.
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