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Ryanair and Spirit Airlines depend upon revenue from services not related to the actual flight.These services increase their
Imperfectly Competitive
Describes a market structure where firms have some degree of market power and can influence prices, unlike in perfect competition.
Purely Competitive
A market structure characterized by a large number of small firms, homogenous products, and easy entry and exit, leading to firms being price takers.
Resource Demand Curve
A graphical representation showing the relationship between the price of a resource and the quantity of the resource demanded by employers.
Marginal Product
The additional output that results from using one more unit of a specific input, holding all other inputs constant.
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