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The four elements that must be present for a person to recover damages as the result of alleged malpractice are duty, breach of duty, actual injury, and:
Fixed Cost
Expenses that do not change with the level of production or sales, such as rent, salaries, and insurance, remaining constant regardless of business activity volume.
Patent
A legal document granting an inventor exclusive rights to manufacture, use, or sell an invention for a certain number of years.
Demand Schedule
A table that shows the quantity of a good or service that consumers are willing and able to purchase at various prices during a specified period of time.
Marginal Cost
The increase in total cost that arises from an extra unit of production.
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