Examlex
Ethnocentrism means seeing things solely from one's own perspective.
Normal Profit
The lowest amount of profit a business must earn to stay relevant in its market by covering the costs of missed opportunities.
Marginal Cost
The cost increase brought about by the production of an extra unit of a product or service.
Pure Monopolist
A market situation where a single company is the sole producer and seller of a product or service, without any close substitutes.
Nondiscriminating Monopolist
Refers to a monopolist who charges all consumers the same price for its product or service, as opposed to price discrimination practices.
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