Examlex
Draw the graph of the equation.
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Marginal Cost
The expenditure involved in the production of one more unit of a product or service.
Fixed Cost
Costs that do not vary with the level of output produced, such as rent, salaries, and insurance premiums.
Cartel
A group of independent market participants who collude to increase prices and limit output in order to maximize their collective profits.
Marginal Cost
The hike in cost resulting from the creation of one more unit of a product or service.
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