Marginal Revenue (MR) is the additional revenue generated by producing and selling one more unit of a good or service. In other words, it represents the change in total revenue that occurs as a result of selling an additional unit of a product.
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The balance of trade, often referred to simply as the “trade balance,” is a measure that indicates the difference between the value of a country’s exports (goods and services sold to other countries) and the value of its imports (goods and services bought from other countries) during a specific period, typically a year.
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Marginal cost is the additional cost a business incurs when it produces one more unit of a good or service. In simpler terms, it represents the cost of making an extra item.
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Join us on this journey as we navigate through the 6 primary structures of markets: Perfect Competition, Monopolistic Competition, Oligopoly, Monopoly, Monopsony, and Oligopsony. There are two more types we will also discuss. We’ll uncover the defining characteristics of each market type, explore real-world examples, and discuss the implications these structures have on businesses, consumers, and society as a whole.
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It is very difficult to get rid of any habit because the pattern of most habits is deeply stored in our mind which becomes so strong that we cannot get rid of it completely even if we want to.
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The term interpersonal skills denote a range of abilities and traits that equip individuals to communicate, interact, and foster favorable relationships with others. These skills include active listening, empathy, communication (verbal and nonverbal), conflict resolution, and teamwork. They are essential for creating positive interactions in both personal and professional settings..
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In this article, I’ll explore the significance of non-verbal communication in our daily interactions, how they shape our perceptions, and
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Before we know about Verbal communication, we should know what communication is. We can describe communication as exchanging information, ideas,
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Customer relationship management (CRM) is a strategy that organizations use to manage interactions with customers and potential customers. CRM helps organizations streamline processes, build customer relationships, increase sales, improve customer service, and increase profitability.
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Relationship management refers to the strategies, practices, and activities employed to build and maintain strong and mutually beneficial relationships with customers, clients, partners, suppliers, and other stakeholders. It involves managing interactions, communications, and collaborations to nurture and enhance relationships for long-term success.
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