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Purely Competitive Seller
A market participant that operates in a perfectly competitive market, where no single seller can influence prices or market conditions.
Diminishing Marginal Productivity
A principle in economics stating that as additional units of a variable input are added to a fixed input, the marginal product of the variable input eventually decreases.
MRP
Marginal revenue product, the additional revenue generated by employing one more unit of a resource.
Wage Rate
The standard amount of pay given to employees per unit of time, which may vary based on industry, occupation, and experience.