Examlex
The opportunity cost of an item is
Economic Profits
Profits exceeding the opportunity costs of all resources utilized by a firm, representing superior returns over the next best alternative.
Sole Seller
A market condition where only one supplier provides a particular good or service, also known as a monopoly.
Marginal Cost
The investment needed to produce an extra unit of a product or service.
Marginal Revenue
The extra revenue a company earns by selling an additional unit of a product or service.
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