Identify the Following Terms

question 37

Short Answer

Identify the following terms.
-oligarchy and democracy

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Definitions:

Marginal Revenue

The additional revenue gained from selling one more unit.

Marginal Cost

The cost associated with producing one additional unit of a product or service.

Total Product

The total quantity of output produced by a firm or economy, resulting from the use of given inputs over a specific period.

Marginal Cost

The cost incurred by producing one additional unit of a product or service.