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Explain colonialism and its effects on the Native Americans, genocide, and racial inequality in the United States
Marginal Cost
The added total cost resulting from the manufacture of one more unit.
Producer Surplus
The difference between what producers are willing to accept for a good versus what they actually receive, often represented as the area above the supply curve and below the equilibrium price.
Output Tax
A tax imposed based on the quantity of goods or services produced.
Marginal Cost Curve
A graphical representation that shows how the cost of producing one additional unit varies as production increases.
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