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For each historical identification question, define the term and briefly describe its historical significance.
-Fourth Crusade
Perfectly Elastic
refers to a market scenario where the quantity demanded or supplied changes infinitely with any change in price.
Marginal Cost
The increment in sum total cost that comes with the production of an additional single unit of a good or service.
Marginal Revenue
The boost in revenue achieved by selling an additional unit of a good or service.
Price Taker
A buyer or seller that is unable to influence the market price of a product or service.