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How do entrepreneurs handle change?
Total Cost
The entire cost of production including both fixed and variable costs.
Marginal Cost
The upsurge in total financial outlay occasioned by the production of one supplementary unit of a product or service.
Marginal Revenue
The additional revenue that a firm gains when it sells one more unit of a product.
Monopolist's Profits
The excess earnings a monopolist achieves by setting the price above marginal cost due to lack of competition.
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