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Knowledge Residing in the Minds of Employees That Has Not

question 74

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Knowledge residing in the minds of employees that has not been documented is called explicit knowledge.


Definitions:

Marginal Revenue Product

The additional revenue generated from employing one more unit of a resource.

Imperfectly Competitive

A market structure where not all firms have negligible influence on market prices due to differentiations in products, number of firms, or barriers to entry.

Marginal Products

The additional output that is produced by using one more unit of a particular input, while keeping other inputs constant.

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