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Economies Of Scale
The cost advantage that arises with increased output of a product, as fixed costs are spread out over more units of production.
Total Demand
The entire quantity of a product or service that consumers in a market are willing and able to purchase at various prices.
Marginal Revenue
The additional revenue that a firm receives from selling one extra unit of a product or service.
Demand Schedule
A Demand Schedule is a tabular representation of the relationship between the price of a good or service and the quantity demanded by consumers, underlining the law of demand.
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