Examlex
A person decides that a group is aggressive after finding out that some members of that group are aggressive. This is an example of representativeness bias.
Total Cost
The complete expenditure incurred by a firm in the production of goods or services, including both fixed and variable costs.
Product Demand
The desire and willingness of consumers to purchase a specific quantity of a good or service at a given price.
Price Elasticity
An estimation of the change in demanded quantity of a product in response to its price movements, signifying how prone consumers are to price changes.
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