Examlex
The smallest component of income generated in the production of GDP is
Demand
How much of a good or service buyers intend and can afford to buy across different prices within a set timeframe.
Marginal Revenue Product
The increase in revenue generated from the use of one more unit of a factor of production.
Perfect Competitor
A theoretical market structure where many firms sell identical products, allowing no single firm to influence market prices.
Imperfect Competitor
A firm or entity in a market structure that does not meet the criteria of perfect competition, often having some control over price.
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