Examlex

Solved

Describe the Various Types of Electronic Payments

question 29

Essay

Describe the various types of electronic payments.


Definitions:

Marginal Cost

The financial requirement to produce an additional unit of a product.

Inelastic

Describes a situation where the demand for a good or service is relatively unresponsive to changes in its price.

Market Power

Market power is the ability of a firm or a group of firms to raise and maintain prices at above-normal levels, influencing the terms and conditions of a particular market.

Elastic

Describes how the amount of a good that is demanded or supplied changes in reaction to a price adjustment.

Related Questions