Examlex
Gas exchange is more difficult for aquatic animals with gills than for terrestrial animals with lungs because ________.
Consumer Surplus
The disparity between the amount consumers propose to pay for a good or service and the amount they finally pay.
Profits
The financial gain obtained when the revenue from business activities exceeds the costs and expenses incurred in operating the business.
Price Discrimination
An approach where the same goods or services, either identical or very similar, are priced differently by the same seller in distinct markets.
Inelastic Demand
A situation where the demand for a good or service changes little when its price changes, indicating consumers' lack of sensitivity to price adjustments.
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