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Marginal costs mc - PowerPoint PPT Presentation

Costs, Competition & Organization of the Business Firm

Costs, Competition & Organization of the Business Firm. Utility. Utility. Utility Satisfaction or pleasure derived from consuming a good or service. Law of Diminishing Utility Added satisfaction declines as additional units are used or consumed. Substitution Effect.

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Marginal costs mc - PowerPoint PPT Presentation

Costs, Competition &amp; Organization of the Business Firm

Costs, Competition & Organization of the Business Firm