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Explain Patronage as a Factor for the Development of 15th-Century

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Essay

Explain patronage as a factor for the development of 15th-century painting. How did patrons impact the period? What innovations occurred as a result of patrons? Use examples to support your essay.


Definitions:

Profit-Maximizing Monopolist

A single seller in a market that determines the quantity of goods to produce and sell in order to achieve the highest possible profits.

Total Cost Schedules

A tabulation or curve that shows the total cost incurred by a firm at each level of output produced.

Marginal Revenue

The extra revenue earned by selling an additional unit of a product or service.

Monopolist

An entity that is the sole provider of a particular product or service, controlling the market and setting prices without competition.

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