Examlex
Multiply, and then simplify if possible. Assume all variables represent positive real numbers.
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Complementary Products
Goods or services that are used together, where the use of one increases the value or demand for the other.
Good Substitutes
Products or services that can replace each other in use, offering consumers alternatives that fulfill the same need or function.
Price Elasticity
An indicator of the variation in the amount of a product desired by consumers as its cost fluctuates.
Consumer Surplus
The difference between the total amount that consumers are willing and able to pay for a good or service and the total amount that they actually pay.
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