Examlex
The term that describes a substance that is soluble in fat is __________.
Natural Monopoly
A market structure where a single firm can produce the entire market's supply at a lower cost than could multiple firms due to economies of scale.
Economies of Scale
Economies of scale refer to the cost advantage experienced by a firm when it increases its level of output. The advantage arises due to the inverse relationship between per-unit fixed cost and the quantity produced.
Elastic
A characteristic of a demand or supply curve that indicates a high sensitivity to changes in price.
Price Ceiling
A legally imposed maximum price on a good or service, typically set below the market equilibrium, leading to shortages.
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