Examlex
Economists use the term ______ to refer to fluctuations in economic activity, such as employment and production.
Marginal Revenue
The additional income earned by selling one more unit of a product or service.
Peak Efficiency
The highest level of operational performance where resources are utilized in the most effective way possible with minimal waste.
Barriers To Entry
Obstacles that make it difficult for new firms to enter a market, such as high initial investment, licensing requirements, and access to technology.
Patents
Legal documents granting an inventor exclusive rights to their invention, preventing others from making, using, or selling the invention for a certain period of time.
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