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In a competitive market,the quantity of a product produced and the price of the product are determined by
Marginal Revenue (MR)
The additional financial gain a firm secures by selling one more unit of its product or service.
Purely Competitive
A market structure characterized by a large number of small firms, a homogeneous product, free entry and exit, and complete information, leading to price taking behavior.
Equilibrium Price
The market price at which the quantity of goods demanded equals the quantity supplied, leading to market stability.
Market Demand
The combined volume of a good or service that consumers in a marketplace are ready and capable of buying at assorted prices.
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