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Figure 12.1
Using Fig. 12.1, Match the following:
-Pons.
Demand Curve
A graphical representation showing the relationship between the price of a goods or services and the quantity demanded.
Substitutes
Products or services that can be used in place of each other, satisfying the same needs or wants of the consumer.
Monopolist
A single seller in a market who has significant control over the entire supply of a good or service, and thus can influence price.
Marginal Revenue
The additional income generated from selling one more unit of a product or service.
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