Examlex
Africa is home to____________, nearly every form of ecological niche found on Earth, and hundreds of ethnic groups who together speak more than a thousand languages.
Imperfect Competition
A market structure characterized by the presence of several competing firms but which lack the conditions of perfect competition, often leading to market power.
Implicit Cost
The monetary income a firm sacrifices when it uses a resource it owns rather than supplying the resource in the market; equal to what the resource could have earned in the best-paying alternative employment; includes a normal profit.
Forgone Rent
The potential income lost by choosing to use a property or resource in a way that is not financially optimal, such as using land for personal use instead of renting it out.
Rental Payments
Regular payments made by a tenant to an owner for the use of the owner's property or land.
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