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Simplify the rational expression.
Fixed Cost
Costs that do not change with the level of production or output, such as rent, salaries, and loan payments.
Patent
A legal right granted to an inventor that provides exclusive commercial rights to an invention or process for a certain period.
Inverse Demand Function
A mathematical formula that expresses the price of a good or service as a function of the quantity demanded, demonstrating how price is influenced by changes in demand.
Unit Tax
A fixed tax amount applied to each unit of a good or service sold, affecting its selling price and demand.
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