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Marginal Product
Marginal Product is the additional output resulting from a one-unit increase in the quantity of one input while holding all other inputs constant.
Marginal Revenue Product
The additional revenue generated from utilizing one more unit of an input, such as labor or capital, in the production process.
Monopolist
A singular entity that is the only provider of a particular product or service in the market, controlling the market and potentially manipulating prices and output.
Demand Elasticity
The measure of how much the quantity demanded of a good responds to a change in the price of that good, indicating its sensitivity to price changes.
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