Examlex
Scalar (dot) product: What is the angle between the vector = + 3
- 2
- 3
and the +y-axis?
Marginal Revenue
The additional income gained from selling one more unit of a good or service.
Cournot Duopoly
A model of competition between two firms, in which each firm decides the quantity to produce independently and simultaneously with the goal of maximizing profit.
Perfectly Competitive
A market structure characterized by a large number of small firms, all selling identical products, where no single firm can influence the market price.
Monopoly Price
The price a monopolist sets, which is typically higher than both marginal and average costs, maximizing profits due to lack of competition.
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