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What is a small-business institute? How does it help small-business owners?
Equilibrium Price
The price at which the quantity of a good or service demanded equals the quantity supplied, resulting in market balance.
Marginal Cost
The added total cost resulting from the manufacture of one more unit.
Producer Surplus
The difference between what producers are willing to accept for a good versus what they actually receive, often represented as the area above the supply curve and below the equilibrium price.
Output Tax
A tax imposed based on the quantity of goods or services produced.
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