Examlex
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Price-Taker Markets
Markets in which individual sellers or buyers cannot affect the market price due to their small size relative to the market as a whole.
Market Price
The actual selling price of goods or services available in the marketplace at any given time.
Marginal Revenue
Marginal revenue is the additional income earned from selling one more unit of a good or service.
Marginal Cost
The change in total cost that arises when the quantity produced changes by one unit; essentially the cost of producing one additional unit of a good or service.
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