The Few Who Have Power Are the __________; the __________

question 51

Short Answer

The few who have power are the __________; the __________ are the many who do not.

---

Definitions:

Marginal Cost

Marginal cost is the increase or decrease in the total cost of a production run for making one additional unit of an item.

Marginal Revenue

The additional revenue that a business gains from selling one more unit of a product or service.

Average Total Cost

The total cost of producing a certain quantity of output divided by that quantity, indicating the per unit production cost.

Marginal Cost

The cost incurred by producing one more unit of a product, essential for decision-making in production and pricing strategies.