Examlex
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Marginal Cost
The added expense required to produce one more unit of a product or service.
Fixed Cost
An expense that remains constant regardless of the volume of products or services manufactured or distributed.
Monopoly Profits
The excess profits earned by a monopoly as a result of its ability to set price above marginal costs due to lack of competition.
Duopoly
A market structure dominated by two firms, each of which has significant control over the market price.
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