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Marginal Cost
The cost of producing one additional unit of a good or service, crucial for decision-making on output levels.
Marginal Revenue
The boost in income achieved by selling an additional unit of a good or service.
Monopolies
Monopolies exist when a single company or entity has exclusive control over a particular market or industry, potentially leading to higher prices and lower-quality products or services due to lack of competition.
Supply Curve
A graph showing the relationship between the price of a good and the amount of it that suppliers are willing to sell, normally upward sloping due to the law of supply.
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