Examlex
Explain how a proxy is used.
Market
A venue or mechanism where buyers and sellers interact to trade goods, services, or information.
Marginal Revenue
The increase in financial returns a business achieves by disposing of one more unit of a good or service.
Marginal Cost
Marginal cost is the additional cost incurred from producing one more unit of a good or service, vital for decision-making on production levels.
Purely Competitive Firm
A company in a market where there are many buyers and sellers, the products are homogeneous, and there are no barriers to entry or exit, leading to zero economic profit in the long run.
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