Examlex
Identify and give the historical significance of each of the following terms, events, and people in a paragraph or two.
-Tulsa riot
Marginal Decision Rule
A principle stating that an action should be taken if, and only if, the marginal benefit of the action exceeds its marginal cost.
Marginal Revenue
The extra revenue gained from the sale of an additional unit of a product or service.
Perfect Competition
A market structure characterized by many buyers and sellers, freedom of entry and exit, and a homogeneous product.
Perfectly Elastic
A situation in economic theory where the quantity demanded or supplied of a good changes infinitely in response to any change in price.
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