Examlex
Product differentiation occurs when a company develops unique differences in its products or services with the intent to influence demand.
Perfectly Competitive Firm
A perfectly competitive firm operates in a market where no single company can influence the price of its product, characterized by many sellers, homogeneous products, and free market entry and exit.
Horizontal Demand
A market situation where the demand curve is perfectly elastic, indicating that consumers are willing to purchase any quantity at a particular price.
Marginal Revenue
The additional income from selling one more unit of a good; sometimes equal to the price of the good.
Marginal Cost
The increase or decrease in the total cost that arises from producing one additional unit of a product or service.
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