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Identify and state the historical significance of the following:
-OPEC
Marginal Cost Curve
A graphical representation showing how the marginal cost of production varies with the quantity of output produced.
Demand Curve
A visual depiction that illustrates the correlation between a product's price and the amount consumers are willing to buy.
Total Cost Curve
A graphical representation showing how the total cost of producing a good changes as the quantity produced changes.
Marginal Revenue Curve
A graph that shows the change in total revenue for each unit sold, illustrating how marginal revenue changes as output changes.
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