Identify the Following Terms

question 105

Short Answer

Identify the following terms.
-El Niño

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Definitions:

Marginal Costs

The additional financial burden of creating one more unit of a product or service.

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good, indicating its responsiveness to price changes.

Supply Curve

A visual diagram that illustrates the connection between a product's price and the amount of the product that sellers are ready and able to offer.

Pure Monopolist

A market structure in which a single firm has complete control over the entire market for a product or service, with no close substitutes.