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What advantages do multinationals have as actors in the globalization game?
Marginal Product
The additional output that is produced by adding one more unit of a specific input, ceteris paribus.
Variable Input
An input in the production process that can be adjusted in the short term, such as labor or raw materials.
Average Total Cost
The sum of all production costs (both fixed and variable) divided by the total quantity of units manufactured.
Demand
The desire of consumers to purchase goods and services at given prices, which is a fundamental concept in economics determining market dynamics.
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