Examlex
Which environment is very broad and includes factors that affect all businesses in society?
Price Charged
The amount of money a buyer has to pay to acquire a product or service from a seller.
Marginal Revenue
The revenue that a company gains by selling an additional unit of a product, indicating the income effect of increasing output by one unit.
Marginal Cost
The additional financial burden of creating another unit of a product or service.
Price Elasticity
The extent to which consumer demand for a good changes in response to a change in the good's price, represented by the ratio of percentage change in demand to percentage change in price.
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