Examlex
The failure of the plaintiff to take reasonable steps to avoid the consequence of the defendant's negligence is an example of contributory negligence.
Competitive Buyer
A buyer in a market where numerous purchasers compete to acquire goods or services, often leading to more favorable prices.
Industry Supply Curve
A graphical representation that shows the relationship between the price of a good and the total output all firms in the industry are willing to produce.
Marginal Value
Additional benefit derived from purchasing one more unit of a good.
Consumer Surplus
The gap between the price consumers are ready to pay for a good or service and the price they actually incur.
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