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Price Elasticity
A measure of how much the quantity demanded of a good responds to a change in the price of that good, indicating its responsiveness to price changes.
Supply Curve
A visual diagram that illustrates the connection between a product's price and the amount of the product that sellers are ready and able to offer.
Pure Monopolist
A market structure in which a single firm has complete control over the entire market for a product or service, with no close substitutes.
Marginal Cost
The overhead added by producing an extra unit of a product or service.
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