Examlex
A trunk has a unique telephone number associated with it.
Marginal Cost
The cost increase associated with the production of an extra unit of a product or service.
Competitive Firms
Businesses that operate in a market environment where they vie with others to offer goods or services, focusing on price, quality, and innovation.
Monopolists
Individuals or entities that hold a monopoly, controlling the entire supply of a good or service in a particular market, eliminating competition.
Long Run
A period in which all factors of production and costs are variable, allowing firms to adjust to market conditions.
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