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If the change in business inventories is zero, then final sales are
Marginal Cost
The expense associated with manufacturing an additional unit of a product or service.
Average Total Cost
The sum of all production expenses (both constant and fluctuating) divided by the overall output quantity.
Perfect Competition
A market structure characterized by a large number of small firms, similar products, and free entry and exit, leading to price takers.
Perfect Competitor
A theoretical market structure where many firms sell identical products, no single firm can influence the market price, and all possess perfect market information.
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