Examlex
What is the most important characteristic of oligopoly?
Marginal Cost
The rise in expense associated with the production of one more unit of a product or service.
P > MC
A condition where the price (P) of a good is greater than the marginal cost (MC) of producing it, typically indicating the potential for profit.
MR
Marginal Revenue, the additional income received from selling one more unit of a product or service.
Socially Efficient Quantity
The level of production or consumption of a good or service that results in the optimal allocation of resources, considering both private and social costs and benefits.
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