Ratification Is a Retroactive Approval of Something

question 14

True/False

Ratification is a retroactive approval of something.

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Definitions:

Marginal Cost

The expense incurred from manufacturing an extra single unit of a service or product.

Monopolist

A monopolist is a market participant who has exclusive control over the supply of a particular good or service, setting prices with minimal competition.

Profits

The difference between a business's revenues and its expenses.

Marginal Costs

The added cost due to the production of an extra unit of a product or service.