Examlex
The oldest known pieces of art to date are __________.
Average Revenue
The average amount of money received per unit of product or service sold, calculated by dividing total revenue by the number of units sold.
Marginal Revenue
The additional revenue that a firm receives from selling one more unit of a product or service.
Marginal Cost
The extra financial burden of manufacturing an additional unit of a product or service.
Price Takers
Firms or individuals who accept the market price as given and have no power to influence that price due to the competitive nature of the market.
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