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What effect does globalization have on the supply chain?
Price Elasticity
The degree to which the quantity demanded of a good changes in response to a change in its price.
Marginal Cost
The financial impact of producing another unit of a product or service.
Monopolist
An individual or firm that is the sole supplier of a particular product or service, giving them significant control over the market price.
Marginal Revenue
Marginal revenue is the additional income that an organization receives from selling one more unit of a good or service.
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