Examlex
In which 1994 case did the court rule that prison officials are legally liable if, knowing that an inmate faces a serious risk of harm, they disregard that risk by failing to take measures to avoid or reduce it?
Natural Monopoly
A market situation where due to high fixed costs or unique production processes, one provider can supply a product or service more efficiently than multiple competitors.
Average Total Cost
The total cost of production divided by the total output or quantity of goods produced.
Downward-sloping Market Demand Curve
This concept depicts the inverse relationship between price and quantity demanded in a market, indicating that higher prices typically lead to lower quantities demanded, and vice versa.
Marginal Revenue
The additional income received from selling one more unit of a good or service; it's a critical concept in business and economics for understanding how to maximize profit.
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