The Two Components of Closure Identified by Parkin 1979) Include

question 6

Multiple Choice

The two components of closure identified by Parkin 1979) include:

• A) Establishing a training school and political agitation
• B) Exclusion and usurpation
• C) Monopolization and subordination
• D) Power struggles and professionalization

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Definitions:

Marginal Revenue

The additional income received from selling one more unit of a good or service; this is crucial for businesses in determining how many units to produce.

Average Revenue

The total revenue generated by a firm divided by the quantity of goods or services sold, indicating the average amount of money made per unit.

Competitive Firms

Enterprises that operate in a market where they have to compete against other firms for the same customers or resources.

Average Revenue

The revenue a firm receives per unit of output sold, calculated by dividing total revenue by the quantity of output.