Examlex
Something that a firm can do that its competitors can't do is called a distinctive capability.
Convex Preferences
In consumer theory, a situation where the consumer prefers an average of two goods or bundles to either one of the extremes, indicating a desire for diversified choices.
Midterm Examinations
Exams given roughly halfway through an academic term to assess students' understanding of the course material.
Centered
In statistics, adjusting data values by subtracting the mean of the data set from each value to have an average of zero.
Perfect Substitute
Goods or services that can be used in exactly the same way and are considered interchangeable by the consumer.
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