Examlex
It is not possible to test out any single method or class of a system until the entire system has been developed, and so all testing is postponed until after the implementation phase.
Efficient Output
The maximization of output using the least amount of inputs or resources.
Perfect Competitor
Refers to a theoretical market structure where numerous small firms compete against each other with no single company influencing the market price or supply of a product.
Standardized Product
Goods or services that are uniform in quality and performance, allowing them to be interchangeable, which facilitates mass production and broad market acceptance.
Demand Curve
A graphical representation showing the relationship between the price of a good and the quantity demanded by consumers at those prices.
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