Examlex
The transportation revolution reduced both the time and the expense of moving heavy goods.
Purely Competitive
A market structure characterized by many buyers and sellers, none of whom can influence market prices, with free entry and exit from the market.
Product Price
The amount of money required to purchase a good or service, determined by factors such as cost of production, market demand, and competition.
Imperfectly Competitive
Characterizes markets where individual sellers can influence prices and products, unlike in perfectly competitive markets.
Marginal Revenue Product
The additional revenue generated from employing one more unit of a resource.
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