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If the perpetual inventory system is used, an account entitled Cost of Merchandise Sold is included in the general ledger.
Long-Run Average Cost
The average cost per unit of output when all inputs, including capital, are variable and optimized.
Marginal Revenue
The increase in revenue resulting from the sale of one additional unit of product.
Demand Schedule
A table that shows the quantity of a good or service demanded at different prices.
Natural Monopolist
A single firm that can supply a good or service to an entire market at a lower cost than could two or more firms, leading to a natural monopoly situation.
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