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What Is the Difference Between Imports and Exports

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What is the difference between imports and exports?


Definitions:

Demand Curve

A graphical representation showing the relationship between the price of a good and the quantity of the good that consumers are willing and able to purchase at various prices.

Nondiscriminating Monopolist

A monopolist who charges all consumers the same price for its product or service, regardless of demand differences.

Marginal Revenue

The additional income that an organization receives from selling one more unit of a good or service.

Output

The total amount of goods or services produced by a company, industry, or economy over a certain period.

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