Please Define the Following Key Terms

question 84

Short Answer

Please define the following key terms
-Interesting Narrative of the Life of Olaudah Equiano

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Definitions:

Natural Monopolies

Industries where a single firm can supply a product or service to an entire market at a lower cost than two or more firms.

Marginal Cost

The financial outlay for manufacturing an additional unit of a product or service.

Average Cost

Average cost refers to the total cost of production divided by the total quantity produced, indicating the cost on a per-unit basis.

Natural Resources

Materials or substances occurring in nature which can be exploited for economic gain.