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Internal operating activities include research and development, distribution, and human resources.
Labor
Human effort used in the production of goods and services.
Perfect Competition
A market structure characterized by a large number of small firms, identical products sold by all firms, no barriers to enter or exit the market, and perfect knowledge of prices and technology.
Marginal Product
The additional output produced as a result of employing one more unit of a particular input while keeping other inputs constant.
Value of Marginal Product
The extra revenue a firm gains by employing an additional unit of input.
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Q233: The business entity assumption means that a