Examlex
A binding minimum wage creates unemployment.
Input Units
The basic quantities or resources used in the production of goods and services.
Competitor
A firm or entity that competes within the same market, offering similar goods or services to the same customer base.
Producer Surplus
The difference between what producers are willing to sell a good for and the price they actually receive, representing profit.
Marginal Revenue
Marginal revenue is the additional income generated from the sale of one more unit of a product or service.
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