Examlex
The demographic transition refers to the phenomenon of people leaving rural areas to live in urbanized settings.
Monopolist
An individual or company that holds exclusive control over the supply or trade of a particular good or service, allowing them to influence prices and market conditions.
Short-Run
The short-run in economics refers to a period during which at least one input, such as plant size, is fixed and cannot be changed.
Long-Run
A period of time in which all factors of production and costs are variable, allowing for full adjustment to changes.
Marginal Revenue
The increase in revenue from the sale of one more unit of a product or service.
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