Examlex
The number of people unemployed equals
Total Product
The overall quantity of output that a firm produces, usually in relation to a given input of labor or capital.
Marginal Product
The additional output that results from adding one more unit of a specific input, holding all other inputs constant.
Purely Competitive
A market structure characterized by a large number of small firms, each selling identical products, with no single firm able to influence market prices.
Economic Profit
The difference between total revenue and total costs, including both explicit and implicit costs.
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