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When Very Few Substitutes for a Good Exist, Demand Will

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When very few substitutes for a good exist, demand will be


Definitions:

Accounts Payable

An entry in financial accounts showing a corporation's duty to reimburse a short-term loan from its creditors or vendors.

Total Assets

The sum of all current and non-current assets owned by a company, representing the total resources that can be used to generate future income.

Total Liabilities

The total amount of financial obligations a company owes to outside parties, including loans, bonds, accounts payable, and other debts.

On Account

A term indicating that a purchase has been made or services have been ordered with payment to be made at a later date, typically used in accrual accounting.

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