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Class Switching Occurs as a Result of

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Class switching occurs as a result of


Definitions:

Consumer Sovereignty

The concept that consumers' preferences and decisions dictate the production and sale of goods and services in an economy.

Legislation

Laws and statutory requirements passed by a legislative body or the process involved in creating these laws.

Marginal Benefit

Marginal Benefit refers to the additional satisfaction or utility that a person receives from consuming an extra unit of a good or service.

Marginal Cost

Marginal cost describes the increase in total cost that arises from producing one more unit of a particular good or service.

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