Examlex
A necessary condition for successful economic development is democracy.
Marginal Cost
The hike in overall cost that comes with the assembly of an extra unit of a product or service.
Elasticity
A measure in economics to show how much the quantity demanded or supplied of a good responds to a change in price or other factors.
Marginal Cost
The cost incurred by producing an additional unit of a product or service.
Elasticity
A measure of how much the quantity demanded or supplied of a good responds to a change in one of its determinants, such as its price.
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