Examlex
Under the TANF program, more discretion is left to the states than was true under AFDC.
Market Demand
The combined amount of a product or service that every consumer in a market is prepared and capable of buying at different price points.
Elastic
A characteristic of a good or service whose demand or supply changes significantly when its price changes, indicating sensitivity to price adjustments.
Sunk Costs
Expenses that have been incurred and cannot be recovered, which should not impact future business decisions.
Barriers to Entry
Obstacles that make it difficult for new competitors to enter a market, including high startup costs, legal restrictions, and strong brand identity.
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