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Rousseau holds that a proper state must institute a system of elected representatives to make laws.
Marginal Revenue
The additional income earned from selling one more unit of a good or service.
Marginal Cost
The elevated cost of producing an additional unit of a product or service.
Average Cost
The total cost of production divided by the total quantity produced, indicating the cost per unit of output.
Monopolist
An individual or entity that holds exclusive control over the supply of a particular goods or service, allowing them to manipulate market conditions.
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