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If a Small Change in Output Results in a Large

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If a small change in output results in a large change in marginal cost, the marginal cost curve is _______, which makes accurate forecasts _______valuable.


Definitions:

Express Repudiation

An outright and clear refusal by one party to carry out their obligations under a contract.

Contracted

Agreed upon or arranged through a formal agreement, especially in the context of business dealings or employment.

Wedding Reception

A celebratory gathering held after a wedding ceremony, typically involving meals, music, and dancing.

Breach De Minimis

A term used to describe a breach of contract that is too minor to merit legal action or consideration.

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