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Textbook Expert
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1 Dec 2021

Introduction

Average Cost- It refers to per unit cost of production. It helps the firm in making decisions of continuity or closure as it shows the distribution of cost per unit of the output.

 

Perfect Competition- It refers to that market condition where there are a large number of buyers and sellers, who have perfect knowledge about the market and there is existence of homogeneity in the commodities and all the firms are price takers.

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