Examlex
In perfect competition, there are differences in the products sold by various firms.
Cost Per Unit
The cost incurred in the production of one unit of a product, including material, labor, and overhead costs.
Marginal Product
The extra output generated by increasing the use of a variable input by one unit, while keeping all other inputs unchanged.
Fertilizer
A substance, either natural or manufactured, that is applied to soil or land to improve fertility and promote the growth of plants.
Corn
A cereal plant that yields large kernels on a cob, used throughout the world as a foodstuff and as a feed for livestock.
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