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Marginal Revenue
Incremental income earned by selling an additional unit of a good or service.
Marginal Cost
The rise in expenses associated with the production of an extra unit of a product or service.
Price-searcher Firm
A company that determines the price of its products based on demand and supply conditions rather than prevailing market prices.
Competitive Price-searcher
A market scenario where sellers actively seek out buyers by setting prices independently to capture consumer demand.
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