Examlex
There are no significant benefits to owning a technical standard in an industry.
Marginal Revenue
The additional revenue gained from selling one more unit of a product or service.
Downward-Sloping Demand
Describes a market phenomenon where a product's demand decreases as its price increases, according to the law of demand.
Price
The expenditure involved in buying a good or service.
Demand Curve
A chart that depicts the link between a product's price and the amount of the product that buyers are prepared and capable of buying at various price points.
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