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In pulmonary circulation,arteries carry oxygen-poor blood.In systemic circulation,arteries carry oxygen-rich blood.
Marginal Revenue
The increased income from the sale of one additional unit of a good or service.
Average Fixed Cost
Total fixed cost divided by the number of units produced. It always declines as output increases.
Price-Taker Firm
A company that must accept the market price of its product without having the influence to change it, typically because the market is highly competitive and the product is undifferentiated.
Competitive Market
A market structure characterized by a large number of buyers and sellers, free entry and exit, and products that are close substitutes, leading to price competition and efficiency.
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