Use the following table to answer question
-What is the marginal cost of producing the third unit?
Definitions:
Elastic Demand
A market condition where the quantity demanded of a good or service significantly changes in response to a change in price.
Oligopolist X
A firm operating in an oligopoly market structure, characterized by a small number of firms dominating the market.
Marginal Revenue
The additional income generated from selling one more unit of a good or service.
Cartel Success
The effectiveness of a cartel, a group of independent market participants who collude to raise prices and restrict output, in achieving its objectives of maximizing the profits of its members.
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