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Allison's Auto Art is a company that applies pinstripes to vehicles.Allison's cost for a basic 1-colour pinstriping job is $35, and she charges $95 for this service.For a total price of $175, Allison will apply a fancier 3-colour pinstripe application to an automobile, a service that adds an additional $40 to the total cost of the package.What is the marginal cost of moving up from the 1-colour application to the 3-colour application?
Free Trade
An economic policy that allows goods and services to be bought and sold across international borders with little or no government tariffs, quotas, subsidies, or prohibitions to inhibit their exchange.
Job Creation
The process by which new employment opportunities are generated, often considered a key indicator of economic health.
Protection
An alternative term for trade protection; policies that limit imports.
Foreign Trade
Involves the exchange of goods and services between countries, can be through importing or exporting.
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