Examlex
Which of the following is NOT a factor of production?
Marginal Revenue
The increase in revenue that results from selling one additional unit of a product or service, crucial for making decisions about production quantities and pricing.
Pure Monopoly
A market structure where a single seller completely dominates the market, facing no competition.
Purely Competitive
A market structure characterized by a large number of firms, easy entry and exit, and a homogeneous product.
Average Total Cost
The total cost of production divided by the total quantity produced, including both fixed and variable costs.
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