Examlex
If the total cost curve becomes flatter as output increases, then this reveals diminishing marginal product.
Market Economies
Economic systems in which economic decisions and pricing are guided by the interactions of citizens and businesses rather than by central planning.
Product Innovation
The process of developing new products or significantly improving existing ones to meet consumer needs or open new markets.
Total Utility
The complete fulfillment attained through the consumption of a specific amount of a product or service.
Concentration In Industry
Industry concentration describes the extent to which a small number of firms occupy a large proportion of the market.
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