Examlex
Which type of firm has no control over its price
Marginal Cost
The expenditure involved in the production of an extra unit of a good or service.
Elasticity of Demand
An indicator of the degree to which demand for a product changes in response to a variation in its price, shown as a percentage.
Markup
The amount added to the cost price of goods to cover overhead and profit; a percentage over the cost.
Sales Tax
A levy that a government places on the sale of products and services, usually determined as a portion of the selling price.
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