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Perform the indicated operation. Simplify, if possible.
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Marginal Costs
The increase in aggregate expenses due to the production of an additional unit of a good or service.
Industry Output
The total production or supply of goods and services produced by a specific industry within a certain period.
Profit
The financial gain achieved when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes needed to sustain the activity.
Game Theory
The study of behavior in situations of interdependence. Used to explain the behavior of an oligopoly.
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