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Who are typically responsible for drafting the budget and ushering it through the budgetary process?
Profit Maximization
The process or strategy by which a firm determines the price and output level that returns the greatest profit.
Block Pricing Scheme
A pricing strategy where different quantities of a product or service are sold at different prices, typically decreasing with volume.
Marginal Cost
The increased cost resulting from the production of an extra unit of a product or service.
Consumer Surplus
The difference between the total amount consumers are willing and able to pay for a good or service and the total amount they actually pay.
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