Examlex
In the context of business, define technology.
Consumer Willingness
The maximum amount a consumer is ready to pay for a good or service, reflecting their valuation of it.
Marginal Revenue
The added revenue obtained from trading an additional unit of a product or service.
Decreasing Cost Industry
An industry where an increase in production leads to a decrease in the average cost of producing each unit, often due to economies of scale.
Marginal Cost
Marginal cost refers to the increase in total cost that arises from producing one additional unit of a good or service.
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