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Demonstrate graphically and explain the AP curve in the multiplier model.
Market Price
The current price at which an asset or service can be bought or sold in a particular market, determined by the supply and demand for it.
Average Revenue
The average amount of money received per unit of product or service sold, calculated by dividing total revenue by the number of units sold.
Marginal Revenue
The additional revenue that a firm receives from selling one more unit of a product or service.
Marginal Cost
The extra financial burden of manufacturing an additional unit of a product or service.
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