Examlex
Describe the two potential fatal flaws of business models.
Efficient Output
The level of production where a firm or economy can produce the maximum amount of goods and services with the least amount of inputs.
Perfect Competition
A market structure characterized by a large number of buyers and sellers, homogeneous products, and free entry and exit, leading to price determination by supply and demand.
Wheat-Growing
The agricultural practice of cultivating wheat, a staple grain used worldwide for food.
Marginal Revenue
The increase in revenue that results from the sale of one additional unit of a product.
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