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July 18, 2025 

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MARKETING MIX: The combination of 5 controllable variables consisting of product, price, promotion, distribution and packaging to satisfy the needs and wants of customers in a targeted market. This requires the collection of data and demographics on customers in potential markets. Organizations may use multiple marketing mixes strategies based on different targeted market segments.

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MONOPSONISTIC COMPETITION: A market structure characterized by a large number of small buyers, that purchase but not identical inputs, relative freedom of entry into and exit out of the industry, and extensive knowledge of prices and technology. Monopsonistic competition is the somewhat obscure and seldom discussed buying counterpart to an monopolistic competition seller that controls the selling side of a market. Whereas monopolistic competition is most relevant to product markets, monopsonistic competition is most relevant to factor markets.

     See also | factor markets | monopsony | monopolistic competition | monopsony | oligopsony |


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MONOPSONISTIC COMPETITION, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: July 18, 2025].


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TOTAL REVENUE

The revenue received by a firm for the sale of its output. Total revenue is one two bits of information a firm needs to calculate economic profit, the other is total cost. In general, total revenue is the price times quantity--the price received for selling a good times the quantity of the good sold at that price. For a perfectly competitive firm, which receives a single unchanging price for all output sold, the calculation is relatively easy. For other real world firms, that charge different prices to different buyers for different quantities, the calculation can be more complex. Two other revenue measures directly related to total revenue are average revenue and marginal revenue. Total revenue is often depicted as a total revenue curve.

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