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Explain how the religious revivals of the Second Great Awakening popularized the outlook known as perfectionism, which held that both individuals and society at large were capable of indefinite improvement. How did this idea of perfectionism relate to the various reform movements that arose in the antebellum period?
Socially Optimal
A condition or outcome that maximizes societal welfare, considering both efficiency and equity among members of society.
Marginal Cost
The spending required to create an additional unit of a good or service.
Marginal Revenue
The increase in revenue that results from selling one additional unit of a product or service, crucial for making decisions about production quantities and pricing.
Pure Monopoly
A market structure where a single seller completely dominates the market, facing no competition.
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