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Prior-period adjustments appear on the statement of retained earnings.
Demand Curve
A graphical representation showing the relationship between the price of a good or service and the quantity demanded for a given period.
Economies of Scale
Cost advantages that enterprises obtain due to their scale of operation, with cost per unit of output generally decreasing with increasing scale as fixed costs are spread out over more units of output.
Price Elasticity of Demand
A measure of how much the quantity demanded of a good responds to a change in the price of that good.
Marginal Revenue
The additional income generated from selling one more unit of a good or service.
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