Examlex
Trade is not based on absolute advantage; rather it is based on comparative advantage.
Marginal Cost
The surplus cost attributed to generating one more unit of a product or service.
Production Function
A mathematical representation showing the relationship between input factors and the output of goods or services.
Competitive Markets
Markets characterized by many buyers and sellers, where no single participant has significant influence on price or product offerings.
Fixed Costs
Costs that do not vary with the level of output production, such as rent, salaries, and insurance.
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