Examlex
When Jen hears the word "comfortable," she thinks of the large sectional couch at her parents' house where she spent hours watching movies with her high school friends. Her thoughts demonstrate the connotative meaning of the word.
Cournot Duopolists
Firms in a duopoly (a market with only two producers) that set their output levels independently to maximize profits, anticipating the other's response.
Inverse Demand
A representation of demand that shows how the quantity demanded of a good or service varies inversely with price.
Total Cost
The sum of fixed and variable costs incurred by a business in producing a particular level of output.
Residual Demand Curve
The demand that remains for a firm's product after accounting for the demand captured by competitors in the market.
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