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Describe the key characteristics of the Malcolm Baldrige Award.
Marginal Revenue
The additional income earned from selling one more unit of a product or service.
Demand Inelastic
A situation where the demand for a product does not change significantly with a change in price.
Price Elasticity
A measure of how much the quantity demanded of a good or service changes in response to a change in its price.
Monopolist
A market participant who is the sole supplier of a particular good or service, possessing significant market power and able to influence price and market conditions.
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