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Define the following:follow-up questions
Marginal Cost
Marginal Cost is the cost incurred by producing one additional unit of a product.
Cartel
An association of independent businesses or countries that collaborate to control prices and limit competition within a particular market or industry.
Market Price
The prevailing cost at which one can buy or sell an asset or service.
Marginal Cost
The augmentation in total costs associated with the production of an additional unit of a product or service.
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