Examlex
A change in the supply of labor will shift the long-run aggregate supply curve.
Marginal Revenue
The additional income earned from selling one more unit of a good or service.
Competitive Price-Taker
A market participant who accepts the prevailing market prices as given because they have no power to influence those prices due to intense competition.
Marginal Cost
The increase in total cost that arises from producing one additional unit of a product or service.
Profit Maximized
The point at which a firm achieves the highest profit possible, considering the level of output and cost of production.
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