Examlex
An allele is a variation that makes a gene different in some way from other genes for the same characteristic.
Long-Run Average
A concept referring to the time period in which all inputs can be adjusted by firms, relating to production costs and decisions.
Differentiated Products
Goods or services that are distinguished from similar products by characteristics like quality, design, and features.
Marginal Revenue
The additional income received from selling one more unit of a good or service.
Monopolistic Competitor
A market structure where many firms sell products that are similar but not identical, allowing them for some degree of market power.
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