Examlex
When Hilary bought a new set of dishes for everyday use,she acted differently from the time when she bought a set for her favourite nephew's wedding gift.This is an example of:
Economic Profits
The difference between a firm's total revenues and its total costs, including both explicit and implicit costs, resulting in surplus gain.
Product Variety
The diversity of different items a firm, industry, or economy produces, providing consumers with multiple options to satisfy their preferences.
Graph Drawing
The process of representing data visually using plots and charts to make the information easier to understand.
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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