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Sarah Uses an App on Her Phone to Find the Nearest

question 18

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Sarah uses an app on her phone to find the nearest coffee shop and then, once she is there, sends her friend a link of precisely where she is so that the friend can meet her.Sarah is making use of


Definitions:

Interest Rates

The cost of borrowing money, typically expressed as a percentage of the total amount loaned, which can influence economic activity and monetary policy.

Land Rent

The price paid for the use of land or real estate, often determined by its location, size, and utility.

Surplus Payment

Payment or benefit received that exceeds the minimum amount necessary for the transaction or exchange to occur.

MB = MC Rule

The principle that firms maximize profit by producing where marginal benefit (MB) equals marginal cost (MC), determining the optimal level of output.

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