Examlex
Only certain specified individuals, and not members of the general public, can be incidental beneficiaries of contracts.
Short Run
The short run in economics is a period during which at least one input, such as plant size, is fixed and cannot be changed.
Price Discrimination
A pricing strategy where identical or substantially similar products or services are sold at different prices to different buyers.
Physically Separated
A state or condition where two or more entities are not connected or in direct contact with each other, often referring to geographical distance.
Elastic Demand
A situation where the demand for a product or service significantly changes in response to price fluctuations, with greater sensitivity indicating higher elasticity.
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