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In a partnership,a person can become a partner by purchasing an existing partner's interest.
Demand Curve
A chart that displays the connection between a product's price and the amount consumers are willing to purchase.
Marginal Revenue
The additional income gained from selling one more unit of a product or service.
Marginal Costs
The increase in total production cost that comes from making or producing one additional unit.
Average Total Costs
The cost per unit of output, calculated by dividing the total cost by the quantity of output produced.
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