Examlex
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Units of Output
are the measurable quantities of goods or services produced by a firm or economy.
Maximization of Profits
The process by which a company determines the price and output level that generates the most profit.
MP
Marginal Productivity (MP) refers to the additional output resulting from the use of one more unit of a production factor, keeping other inputs constant.
Imperfect Competition
All market structures except pure competition; includes monopoly, monopolistic competition, and oligopoly.
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