Examlex
Explain any three of the main principles of GATT 1947?
Marginal Cost
The additional cost incurred by producing one more unit of a good or service.
Total Cost
The sum of all costs incurred in producing a good or service, including both fixed and variable costs.
Marginal Cost
The additional cost incurred from producing one more unit of a good or service.
Competitive Market
A market structure characterized by many buyers and sellers, where no single entity has the power to influence market prices.
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