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Consider two equal-volume flasks of gas at the same temperature and pressure. One gas, oxygen, has a molecular mass of 32. The other gas, nitrogen, has a molecular mass of 28. What is the ratio of the number of oxygen molecules to the number of nitrogen molecules in these flasks?
Marginal Cost
The cost of producing one additional unit of a good or service, which can influence production decisions.
Product Differentiation
A strategy businesses use to make their products unique from competitors'.
Elastic
Describes a situation in economics where the demand or supply of a good is sensitive to changes in price.
Price-elasticity
A measure of the responsiveness of the quantity demanded or supplied of a good to a change in its price.
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