Examlex
Briefly explain when a company should consider giving something to customers for free.
Demand Curve
A chart that depicts how the quantity of a product demanded by buyers is related to its price, usually sloping downwards.
Marginal Revenue
The additional income earned from selling one more unit of a good or service, crucial for decision-making on output levels.
Unit Elastic
A situation in economics where a change in the price of a product leads to a proportional change in the quantity demanded or supplied, resulting in an elasticity of exactly one.
Tax
A compulsory financial charge or levy imposed by a government on individuals or businesses to fund public expenditures.
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