Examlex
If the demand for KFC chicken is price elastic, a fall in the price of KFC chicken will raise the total revenue.
Cartel
An agreement among competing firms to control prices or exclude entry of a new competitor in the market, often resulting in higher prices and restricted supply.
Duopoly
A market structure in which two companies own all or nearly all of the market for a given product or service.
Price Effect
The impact on demand when the price of a product or service changes, influencing consumers' buying decisions.
Marginal Cost
The additional expense required to produce an extra item or unit of output, emphasizing its role in economic decision-making.
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