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A firm always operates at some point on its long-run average total cost curve in both the long run and the short run.
Total Revenue
The overall amount of money generated by a business from its sales activities before any costs or expenses are deducted.
Marginal Revenue
The profit increase achieved by selling one additional unit of a product or service.
Marginal Cost
The incremental cost involved in producing an additional unit of a good or service.
Marginal Revenue
The financial gain a firm acquires from the sale of an extra unit of a product or service.
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