Examlex
Why do economists care about aggregate expenditure?
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Patent
A governmental right granted to an inventor, giving the exclusive right to make, use, sell, and import an invention for a certain period of time.
Marginal Cost
The cost added by producing one additional unit of a product or service, an important concept in economics for determining the optimal level of production.
Monopolist
A single firm or entity that is the exclusive provider of a good or service, thus controlling its market price.
Lerner Indices
Measures of a firm’s market power based on the difference between price and marginal cost, normalized by the product's price.
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