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If someone speaks too loudly into a microphone, a public address system will sometimes produce a loud whistle of amplified feedback. Explain whether this is an example of negative or positive feedback, and explain how the microphone, control box, and speaker of the system serve as the different components of a feedback loop.
Marginal Costs
Marginal costs refer to the additional cost incurred from producing one more unit of a good or service.
Microeconomics
The branch of economics that studies the behavior of individuals and firms in making decisions on the allocation of limited resources.
Macroeconomics
The branch of economics that studies the behavior and performance of an economy as a whole, including inflation, unemployment, and economic growth.
Industrial Organization
A field of economics that studies the structure of and boundaries between firms and markets, and the strategic interactions within them.
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