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When preparing to go shopping after the Christmas holidays, Christy actively scans the ads in the local newspaper for coupons and contests. While in the store, Christy also looks for free samples of new products and products she hasn't purchased previously. The coupons, contests, and free samples are all examples of
Natural Monopoly
An industry that realizes such large economies of scale that single-firm production of that good or service is most efficient.
Profit-Maximizing Price
The price at which a firm can sell its product to earn the maximum possible profit on those sales.
Marginal Revenue
The additional income from selling one more unit of a good; it is the change in total revenue from an additional unit sold.
Marginal Revenue
The increase in revenue resulting from the sale of one additional unit of a product.
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