Examlex
Give two explanations for the law of demand.
Nash Equilibrium
A concept within game theory where no participant can gain by a unilateral change of strategy if the strategies of the others remain unchanged.
Profit-Maximizing
The process by which a firm determines the price and output level that returns the maximum profit.
Marginal Cost
The increase or decrease in the total cost that arises from producing one additional unit of a product.
Annual Fixed Cost
Expenses that do not change in proportion to the activity of a business, within the period of a year.
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