Examlex
In economics,a change in preferences for the product causes a ________.
Marginal Revenue Product
The additional revenue generated from employing one more unit of a resource.
Average Product
Output per unit of a particular input.
Perfect Competitor
An idealized firm that has no market power and operates in a market with many buyers and sellers where all have perfect information.
Income Effect
It refers to the change in an individual's or economy's income and how that change will affect the quantity demanded of a good or service.
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