Examlex
Match the term with the definition.
-Patronage scheme in which politicians doled out government positions to their loyal supporters; it led to widespread corruption during the Gilded Age.
Marginal Revenue
The extra revenue obtained by selling an additional unit of a product or service.
Marginal Cost
The cost increase from producing a further unit of a product or service.
Long-Run Equilibrium
Long-run equilibrium occurs in a market when all firms earn normal profits, and no new firms have an incentive to enter or exit, resulting in market stability over time.
Average Total Cost
The cost of producing each unit, calculated by dividing the overall production expenses by the quantity of units manufactured.
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