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If capital cannot easily be substituted for labor, then the elasticity of substitution is:
Price-taker Model
An economic model describing a company or entity that must accept the prevailing prices in the market of its products because it does not have the market power to change them.
Marginal Costs
The additional cost incurred to produce one more unit of a good or service.
Competitive Market
A market structure characterized by a large number of sellers and buyers, where no single entity has the power to significantly influence prices or market conditions.
Marginal Revenue
The additional income received from selling one more unit of a product or service.
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