Examlex
When the price of a normal good falls, consumers buy a larger quantity because of the ________ effect and the ________ effect.
Economic Principles
Fundamental concepts that guide the analysis of economics, including supply and demand, opportunity cost, and market equilibrium.
Opportunity Cost
The loss of potential gain from other alternatives when one alternative is chosen.
Indirect Cost
Expenses not directly tied to the production of goods or services but necessary for the overall operation, such as administration, utilities, and security.
Operating Telephone System
The infrastructure and processes that support the functionality of telephones, enabling voice communication over distances.
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