Match the appropriate words in the left column to the definitions in the right column.
Definitions:
Short-Run Situation
A period in which at least one of a firm's inputs is fixed, limiting its capacity to adjust output levels quickly.
Marginal Revenue
The increase in revenue a business gets from the sale of an extra unit of a product or service.
Marginal Cost
The incremental cost of producing an additional unit of a product or service.
Perfectly Competitive
A market structure characterized by many small buyers and sellers, identical products, and no barriers to entry or exit.
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