Examlex
A novation occurs when a third party comes forward to take over the duties of a party who has breached a contract.
Aggregate Demand
The aggregate need for all products and services in an economy, measured at a specific price level and during a particular time frame.
Marginal Revenue
The additional income generated from selling one more unit of a product or service.
Demand Curve
A graph showing the relationship between the price of a product and the quantity of the product that consumers are willing and able to purchase at various prices.
Inverse Demand Curve
A graphical representation showing the relationship between the price of a good and the quantity demanded, with price as a function of quantity demanded.
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