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In 1977,he pioneered the concept of selling new public issues of junk bonds for companies that had not yet achieved investment-grade status.
Marginal Cost Curve
A graphical representation that shows how the cost of producing one additional unit of a good changes as the quantity of production is increased.
Increasing Marginal Opportunity Costs
Represents the concept that each additional unit of a good or service produced requires the sacrifice of increasingly more valuable alternatives.
Specific Product
A particular product identified by its unique characteristics or defined specifications, distinguishing it from other products.
Extra Utility
The additional satisfaction gained from consuming one more unit of a good or service.
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