Examlex
What is the difference between observable behavior and internal mental processes?
Substitution Effect
The change in consumption patterns due to a change in relative prices, leading consumers to substitute one product for another more affordable one.
Competitive Firm
A competitive firm is a business that operates in a market where there are many sellers and buyers, the product offered is similar, and the firm can only be a price taker, not a price maker.
Monopolist
A single seller in a market with no close substitutes for the product or service offered, possessing significant market power.
Marginal Product
Marginal Product is the additional output resulting from a one-unit increase in the quantity of one input while holding all other inputs constant.
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