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The law of demand implies, holding everything else constant, that as the price of gelato
Competitive Market
A market structure characterized by a large number of buyers and sellers, free entry and exit, and products that are similar across sellers, leading to price competition and efficiency.
Marginal Revenue
The boost in income achieved by selling one more unit of a product or service.
Marginal Cost
The growth in aggregate expenditure brought about by generating an extra unit of a product or service.
Economic Profit
The difference between total revenue and total costs, where costs include both explicit and implicit costs.
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