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Which of the following categories of the U.S.population is MOST likely to own and operate a small business?
Marginal Cost
The cost associated with producing an additional unit of a product or service.
Diminishing
Refers to a reduction or decrease over time.
Marginal Product
Marginal product refers to the additional output resulting from using one more unit of a production input, holding all other inputs constant.
Fixed Costs
Costs that remain consistent regardless of production or sales volume, including rent, salaries, and insurance fees.
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