
Concept Introduction
Marginal Cost: This refers to the change in cost which is incurred when an additional unit of any good or service is produced. It shall be calculated as follows:


Supply Curve: This is the relationship between the quantities supplied by the producers in the market for a good or service at different prices, shown with the help of a graph.
Break-even Price: This is the level of price when the economic profit is zero. The price is said to break-even when it is in equilibrium in the long-run. This happens when the price is equal to the lowest average total cost.

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