Examlex
The transmission of shared knowledge and customs across generations is an indication of
Competitive Price-Taker
A business that has no control over the market price and must accept the prevailing market price set by supply and demand forces.
Marginal Revenue Curve
A graphical representation showing how marginal revenue varies with changes in quantity sold.
Market Price
The present cost at which a good or service may be purchased or sold on the market.
Marginal Cost
The expense involved in manufacturing an extra unit of a good or service.
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