Examlex
Define cultural evolution and discuss how it differs from biological evolution.
Marginal Revenue Product
The additional revenue generated from using one more unit of a factor of production.
Marginal Expenditure
The supplementary cost resulting from acquiring an extra unit of a good or service.
Economic Rent
Economic rent is the excess payment made to or received by a factor of production over and above what would have been needed to bring that factor into production.
Competitive Factor Market
A market for inputs where firms purchase resources necessary for production, characterized by many sellers and buyers.
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