Examlex
Lao-tzu asks us to put aside our intuitions.
Purely Competitive
A market structure characterized by a large number of sellers offering identical products, where no single seller can influence market prices.
Marginal Revenue
The extra income a company earns by selling an additional unit of a product or service.
Total Revenue
Total Revenue is the total amount of money received by a company for goods sold or services provided during a certain time period.
Perfectly Elastic
A situation in which the quantity demanded or supplied responds infinitely to changes in price.
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