Examlex
Compare and contrast expert systems and neural networks.
Marginal Physical Product
The additional quantity of output that is produced by using one more unit of a given input, assuming all other inputs remain constant.
Total Revenue Product
The total revenue generated by a firm from selling the output produced by an additional unit of a factor of production.
Perfect Competitor
A market structure where many firms sell identical products, allowing no single company to influence the market price.
Imperfect Competitor
A firm that has some control over the market price of its product because the product is differentiated and there are few substitutes.
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