Examlex
Instructions: Please define the following key terms.
-subsistence economy
Business Tax
Taxes imposed on the income or profit of businesses, varies by country and the type of business.
Demand Curve
A graphical representation of the quantity of a good or service demanded by consumers at various prices, typically downward sloping indicating an inverse relationship between price and quantity demanded.
Average Revenue Curve
A graphical representation showing how the average revenue per unit sold changes with changes in the quantity of the product sold.
Marginal Revenue Curve
A graphical representation showing the additional revenue a firm can earn by selling one more unit of a good or service.
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