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Distinguish between positive and negative correlations.Provide an example of each one.
Identical Firms
Identical firms are businesses within the same industry that produce and sell products or services that are very similar in nature, leading to direct competition.
Demand Curve
A graph that illustrates the connection between the cost of a product and the amount of the product buyers are ready to buy at various costs.
Marginal Revenue
The increase in total revenue that results from selling one additional unit of a product.
Average Revenue
The revenue generated per unit of output sold, calculated by dividing total revenue by the quantity of outputs sold.
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