What Is the Definition of the Following Term

question 5

Short Answer

What is the definition of the following term:
-Khadija:

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Definitions:

Market Demand

The aggregate quantity of a good or service that all consumers in a market are willing and able to purchase at different prices.

Stackelberg Leader

The Stackelberg leader refers to the dominant firm in a duopoly that makes its production decision first, thereby influencing the market actions of the following competitor.

Marginal Cost

The extra charge incurred upon the production of an additional good or service unit.

Industry Output

The total production of goods and services by all firms within a specific industry sector over a given period of time.