Examlex
Simple one-way radio receivers that receive data (but not voice messages)are called ________; they are often used in hospital environments.
Normal Goods
Goods for which demand increases as consumer income rises, and decreases as consumer income falls, reflecting a direct relationship between income and demand.
Competitive Market
A market structure characterized by a large number of buyers and sellers, homogenous products, and no single buyer or seller can influence the market price.
Market Price
The current price at which an asset or service can be bought or sold in a given market.
Market System
A system where economic decisions, such as pricing and investment, are determined by supply and demand.
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