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In order to be paid under a claim on your liability insurance policy, the injury or damages must result from an accident, not deliberate or intentional causes.
Short-Run Supply Curve
A graph that shows the relationship between the price of a good and the quantity of that good supplied by producers over a short period, where some inputs are fixed.
Long-Run Supply Curve
A graphical representation showing how the quantity supplied of a good or service varies with price over a long period, when all inputs can be varied.
Marginal Cost
The supplementary cost associated with making an additional unit of a product or service.
Marginal Revenue
The additional income received from selling one more unit of a good or service; it is an important concept in determining optimal output levels.
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