Examlex
In a short essay, explain the meaning of international trade. Describe the two major forms through which international trade takes place.
Marginal Revenue
The extra revenue generated by the sale of an additional unit of a product or service.
Network Effects
The phenomenon where increased numbers of users or participants improve the value of a good or service.
Natural Monopoly
A situation where due to high fixed costs or other barriers, a single firm can supply a product or service to an entire market at a lower cost than what two or more firms could.
Nondiscriminating Monopolist
A monopolist who charges a single price for all units of output sold, rather than charging different prices to different consumers.
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