Port Gentile Is an Example of an Island of Development

question 15

True/False

Port Gentile is an example of an island of development.

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Definitions:

Marginal Cost

The additional cost incurred from making one more unit of a good or service.

Optimal-output

The level of production that maximizes a firm's profit, where marginal cost equals marginal revenue.

Break-even

The point at which cost or expenses and revenue are equal, resulting in neither profit nor loss.

Long-run Equilibrium

A state in which all factors of production and costs are variable, and firms are making neither excess profits nor losses.