Examlex
All duties can be delegated as long as the delegator promises to guarantee performance.
Independently Acting Buyers
are consumers who make purchasing decisions based on their own preferences and circumstances, without coordinating with others.
Freedom to Enter
The condition in a market where new firms can enter the industry without facing prohibitive barriers or regulations.
Opportunity Costs
The cost of forgoing the next best alternative when making a decision or choosing between options.
Diminishing Marginal Utility
The principle that as a consumer consumes more of a good or service, the additional satisfaction gained from each additional unit decreases.
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