Examlex
TQM is an example of an incremental innovation.
Labor Demand
Denotes the quantity of labor that employers are willing to hire at a given wage rate in a given time period.
Perfectly Elastic
Describes a situation where the quantity demanded or supplied changes by an infinite amount in response to any change in price; most common in theoretical models.
Total Costs
The total amount of expenses a business has for producing goods or services, encompassing both constant and fluctuating costs.
Elasticity of Demand
An indicator quantifying the impact of price movements on demand for a good.
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