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Identify five factors that have fostered globalization.
Marginal Returns
Marginal Returns refer to the additional output or benefit received from increasing one unit of a particular input while keeping other inputs constant.
Marginal Cost
The incremental cost associated with the production of an extra unit of a product or service.
Marginal Cost Curve
A curve that displays the additional cost associated with producing one more unit of output, typically showing how marginal cost changes with changes in production volume.
Total Cost Curve
A graph that shows the total cost incurred by a firm in the production of goods or services at different levels of output.
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