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Data Mining Is the Name for Software That Is Now

question 46

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Data mining is the name for software that is now available to help managers make sense out of seemingly senseless masses of information contained in databases.


Definitions:

Marginal Revenue

The additional income received from selling one more unit of a good or service, crucial for decision-making in output levels.

Marginal Cost

The price of creating one more unit of a product or service.

Purely Competitive Market

A market structure with many buyers and sellers, where all firms sell identical products and no single buyer or seller can influence the market price.

Economic Profit

The discrepancy between a firm's gross income and its total expenses, factoring in both clear and unclear costs.

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