Examlex
What are the dangers of party polarization? How might this affect government responsiveness?
Marginal Cost
The cost implicated in the production of one more unit of a good or service.
Perfectly Competitive
A market structure characterized by many small firms, a homogeneous product, no barriers to entry or exit, and where no single firm can influence the market price.
Profit-maximizing
The process of making business decisions that aim to increase the difference between total revenues and total costs to the highest possible level.
Marginal Revenue Product
The additional revenue generated by employing one more unit of a factor, such as labor or capital.
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