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What is increasing marginal cost?
Felix’s marginal cost is greater the more lawns he has previously mowed. It is, every time he mows a lawn, the extra cost of doing still another lawn goes up.
So, there is increasing marginal cost through an activity while each additional unit of the activity costs more than the earlier unit.
It indicates the amount of output by that long run output of the firm under monopolistic competition falls short of the Ideal output. This is regarded as wastage in monopolistic co
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