Examlex
Describe the difference between standardization and adaptation in GIMC.
Consumer Surplus
The discrepancy between the amount consumers are prepared to pay for a product or service and the amount they end up paying.
Demand Curve
A graphical representation of the relationship between the price of a good and the quantity demanded, typically downward sloping, indicating an inverse relationship.
Marginal Cost
The cost of producing one more unit of a good or service, considering variable costs but not fixed costs.
Block Pricing
Practice of charging different prices for different quantities or “blocks” of a good.
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