Examlex
Siri, the personal assistant application on Apple's iPhone, is an example of a ________.
Consumer Demand
The desire by consumers to purchase goods and services, quantified by the amount of a product people are willing to buy at certain price levels.
Equilibrium Price
The price at which the quantity of a good or service demanded equals the quantity supplied, leading to a stable market condition.
Increasing-Cost Industry
An industry where production costs increase as the industry's output increases, often due to resource limitations or other scaling challenges.
Economic Profits
Profits exceeding the normal return on investment, calculated by subtracting both explicit and implicit costs from total revenues.
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