Examlex
A firm cannot be charged with discrimination if it uses an employment agency that screens applicants for it to eliminate any minority candidates.
Oligopoly
A market structure characterized by a small number of firms that dominate the market, leading to limited competition.
Economic Profit
The difference between total revenue and total cost, including both explicit and implicit costs.
Purely Competitive
A market structure characterized by many buyers and sellers, free entry and exit, and a product for which all sellers offer identical products.
Marginal Cost
The cost added by producing one extra item of a product.
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