Examlex
Four of the five choices listed below are characteristics of phloem.Select the exception.
Marginal Revenue
The incremental revenue earned by selling one more unit of a good or service.
Inelastic
Describing demand or supply that is relatively unresponsive to price changes, meaning the percentage change in quantity is less than the percentage change in price.
Zero Production Costs
The hypothetical situation in which a good or service can be produced with no expenditure or effort, leading to an unlimited supply.
Profit-Maximizing Monopolist
A monopolist that sets its output and price levels to achieve the highest possible profit, given its unique position as the sole supplier in the market.
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