Examlex
When you make changes to the dataset in one form, the changes automatically appear in other forms that have their own dataset.
Long Run
A period in which all factors of production and costs are variable, allowing for full adjustment to change.
Marginal Revenue
The additional income gained from selling one more unit of a product or service.
Monopolist's Demand Curve
The demand curve faced by a monopolist, which is the same as the market demand curve, indicating that the monopolist can set the price only by choosing the quantity to produce.
Elastic
Describes a situation in which the demand or supply for a product changes significantly when its price changes.
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