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Briefly describe how Hubble classified the galaxies visually.
Marginal Cost
Marginal cost is the change in total cost that arises when the quantity produced is incremented by one unit.
Product-variety Externality
The impact on consumers and producers resulting from an increase or decrease in the variety of products available in the market.
Consumer Surplus
The difference between what consumers are willing to pay for a good or service and what they actually pay.
Producer Surplus
The amount a seller is paid for a good minus the seller’s cost of providing it.
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