Examlex
List and describe the three reasons why followers need to have a high level of technical competence.
Short Run
A time period in which at least one input is fixed and cannot be changed by the firm, affecting its production decisions.
Purely Competitive Market
Another term for a perfectly competitive market, emphasizing its features like a large number of small firms and identical products.
Marginal Revenue
The increased earnings resulting from the sale of one extra unit of a good or service.
Marginal Cost
The increased cost resulting from the production of an additional unit of a good or service.
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