Journalize the entries to correct the following errors:
Definitions:
Existing Product
A product that has already been developed and is available in the market for consumers.
Marginal Utility
The additional satisfaction or utility gained by consuming an additional unit of a good or service.
Consumer's Income
The total amount of money earned by an individual or household, influencing their purchasing decisions and capacity.
Fast-Second Strategy
An approach by a dominant firm in which it allows other firms in its industry to bear the risk of innovation and then quickly becomes the second firm to offer any successful new product or adopt any improved production process.
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