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An ice cube melts and cools the surrounding beverage.(The ice cube is the system. ) Which of the following statement is correct?
Income of Consumers
Refers to the total earnings received by individuals or households, including wages, salaries, benefits, and returns from investments.
Demand for a Product
Refers to the quantity of a product or service that consumers are willing and able to purchase at various prices during a given period of time.
Price of a Product
The amount of money required to purchase a specific good or service, determined by various factors including demand, supply, and production costs.
Pricing Power
The ability of a firm to dictate or influence the price of its goods or services in the market.
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