Examlex
List the three basic types of production technology.
Demand Curve
A graphical representation showing the relationship between the price of a good and the quantity of the good that consumers are willing to purchase at various prices.
Incumbent Firm
An established company that holds a dominant position in a particular market or industry.
New Firms
New firms are companies that have recently entered a market, bringing fresh competition and innovation to the industry.
Deadweight Loss
A loss of economic efficiency that can occur when the equilibrium for a good or a service is not achieved or is not achievable.
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