Examlex
Imagine that we mate two black Labrador dogs with normal vision and find that three of the puppies are like the parents,but one puppy is chocolate with normal vision and another is black with PRA (progressive retinal atrophy,a serious disease of vision) .We can conclude that
Marginal Revenue
The additional revenue that a company earns from selling one more unit of a product.
Monopolistic Competitor
A market structure where many companies sell products that are similar but not identical, allowing for some degree of market power.
Short Run
The length of time it takes all fixed costs to become variable costs.
Long Run
The long run is a period in economics wherein all inputs can be adjusted, and there are no fixed costs, allowing full operational flexibility.
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