-In the figure, what is item number 4?
Definitions:
Marginal Cost
The spending required to create an additional unit of a good or service.
Marginal Revenue
The increase in revenue that results from selling one additional unit of a product or service, crucial for making decisions about production quantities and pricing.
Pure Monopoly
A market structure where a single seller completely dominates the market, facing no competition.
Purely Competitive
A market structure characterized by a large number of firms, easy entry and exit, and a homogeneous product.
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