Examlex
What is at the end of each axon?
Consumer Surplus
The difference between the maximum price a consumer is willing to pay for a good or service and the actual market price they pay.
Demand Curve
A graph showing the relationship between the price of a good and the quantity demanded by consumers, typically downward sloping.
Marginal Cost
The rise in overall expenses associated with the production of an extra unit of a good or service.
Price Discrimination
A strategy for setting prices where the same or very similar products or services are offered at different prices by the same seller in various markets.
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