Examlex
The Knights of Labor was an exclusive union that allowed only certain types of workers to join its ranks while not allowing other types of workers (e.g. ,women and minorities)to join.
ΔTR/Δq
The change in total revenue that results from selling one additional unit of a product, essentially another term for marginal revenue.
Marginal Revenue
Earnings obtained from the sale of one more unit of a good or service.
Equilibrium Price
The market price at which the quantity of goods supplied is equal to the quantity of goods demanded, reaching a state of balance.
Perfectly Competitive
A market structure characterized by a large number of small firms, a homogeneous product, free entry and exit, and perfect information, leading to price-takers behavior.
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