Examlex
Calculate the total number of manufacturers,if 15 transactions are made per year with 10,000 retailers.The total number of transactions is 3 million transactions per year.
Natural Gas Extraction
The process of exploring, drilling, and producing natural gas from underground reservoirs.
Imperfectly Elastic
Describes a demand curve that does react to price changes, but not in a perfect one-to-one relationship, indicating some sensitivity to price changes but not to an infinite degree.
Substitute
A good or service that can be used in place of another to satisfy similar needs or desires.
Economic Rent
The excess payment made to a factor of production over what is necessary to keep it in its current use, reflecting payment beyond its opportunity cost.
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