Examlex
Economic theory allows economists to predict the behavior of a specific person or firm.
Monopolistic Industry
An industry dominated by a single firm that has control over the market prices and supply of a product or service.
Patent
A legal right granted to an inventor, giving them the exclusive right to make, use, or sell their invention for a certain period of time.
Long Run
A period in economic analysis during which factors of production and costs are fully adjustable, allowing all inputs to production to be varied.
Marginal Revenue
This refers to the additional income earned by selling one more unit of a good or service.
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