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According to the convergence hypothesis, the poorest countries have the fastest growth rate of real GDP per capita.
Marginal Cost
The financial outlay for manufacturing an additional unit of a product or service.
Average Cost
Average cost refers to the total cost of production divided by the total quantity produced, indicating the cost on a per-unit basis.
Natural Resources
Materials or substances occurring in nature which can be exploited for economic gain.
Monopolist's Pricing
The strategy used by a monopoly to determine the price of its product, often maximizing profits by controlling supply and determining demand.
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