Examlex
What two qualities should every variable possess?
Output
The total amount of goods or services that are produced by a company or an economy.
Price Discounts
Reductions from the regular selling price of goods or services, often used as a strategy to increase demand or reward customers.
Competitive Market
A market structure characterized by a large number of buyers and sellers, free entry and exit, and a homogenous product, leading to price determination through supply and demand forces.
Production Function
A mathematical model in economics that describes the relationship between input resources and the output of goods or services a firm can produce.
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