Examlex
The underlying forces that dictate price are generally the same across industries,so that all businesses in that industry have the same underlying cost factors.
Substitutes
Products or services that can be used in place of each other, satisfying the same needs or wants of the consumer.
Monopolist
A single seller in a market who has significant control over the entire supply of a good or service, and thus can influence price.
Marginal Revenue
The additional income generated from selling one more unit of a product or service.
Equilibrium
When aggregate demand equals aggregate supply.
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