Examlex
An innovation is any good, service, or idea that is "new to the world."
Marginal Revenue
The additional income received from selling one more unit of a good or service, critical for determining optimal production levels.
Average Revenue
The amount of income a business receives per unit of goods or services sold, calculated by dividing total revenue by the quantity sold.
Total Revenue
The total income received by a firm from selling its products; calculated by multiplying the price per unit by the number of units sold.
Market Price
The current price at which an asset or service can be bought or sold in a particular market, determined by the supply and demand for it.
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