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What is the difference between basic and applied research?
Marginal Revenue
The additional income earned from selling one more unit of a product or service.
Profit Maximizing
The process or strategy of adjusting production and pricing to achieve the highest possible profit.
Cournot Equilibrium
Equilibrium in the Cournot model, in which each firm correctly assumes how much its competitor will produce and sets its own production level accordingly.
Competitive Equilibrium
A market state where supply equals demand, and no economic forces are compelling either price or quantity to change.
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