Examlex
To specifically disclaim an implied warrant of merchantability,a seller or lessor must mention the word merchantability.
Total Variable Cost
The aggregate of all variable costs that are incurred for a particular level of output or production.
Total Annual Fixed Costs
The sum of all business expenses that are constant and do not change with the level of production within the year.
Profit Maximising Model
A theoretical framework or strategy aimed at increasing a firm’s profits to the highest possible level.
Marginal Revenue
The additional income generated from selling one more unit of a product or service.
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