Examlex
The inflation rate in year 2 equals
Product Differentiation
A business tactic employed to differentiate their product in the market from those that are similar.
Marginal Revenue
The increase in income resulting from the sale of an extra unit of a good or service.
Average Revenue Curve
A graphical representation showing how the average revenue per unit sold varies with the quantity sold.
Perfect Competition
A market structure characterized by many firms offering identical products, free entry and exit of firms, and full information availability, leading to efficient outcomes.
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