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Why is commodity driven growth proven to be a risky development approach?
Equilibrium Price
The market price at which the quantity of goods demanded equals the quantity supplied, leading to market stability.
Market Demand
The combined volume of a good or service that consumers in a marketplace are ready and capable of buying at assorted prices.
Marginal Cost
The funding necessary to manufacture an extra unit of a good or service.
Average Variable Cost
The total variable costs (costs that change with production volume) divided by the quantity of output produced.
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