Examlex
The short-run shut-down price is:
Marginal Revenue
Marginal Revenue refers to the extra revenue that is earned by selling an additional unit of a product or service.
Marginal Cost
The hike in total expenditure linked to the production of one additional good or service unit.
Monopolistically Competitive
Describes a market structure where many firms sell products or services that are similar but not perfect substitutes, leading to competitive pricing and differentiation.
Normal Profit
The minimum profit necessary for a company to remain competitive in the market, accounting for the cost of opportunity.
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