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Changes in Britain's classic party system are due in large part to
Marginal Cost
Marginal cost is the change in total production cost that comes from making or producing one additional unit of a good.
Perfectly Competitive
Refers to a market structure where there are many buyers and sellers, all producing homogenous products, with no single participant having the power to influence the market price.
Industry Supply Curve
A graphical representation showing the relationship between the price of a good and the total output of the industry for that good.
Elastic
Describes a situation where the quantity demanded or supplied changes significantly in response to a change in price.
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