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Marginal Cost
The variation in the overall expense that occurs as a result of increasing the production quantity by one unit.
Consumer Surplus
The benefit consumers receive when they pay less for a product than what they were prepared to pay, measured by the area beneath the demand curve and above the price.
Monopolist
An entity, often a single firm, that holds exclusive control over the supply of a particular good or service, setting prices without competition.
Marginal Cost
The increase in cost that arises from producing one additional unit of a good or service.
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