Examlex
Why does a firm's number of prospects always equal or exceed its number of actual customers?
Optimal Output Rule
The principle that profit is maximized by producing the quantity of output at which the marginal revenue of the last unit produced is equal to its marginal cost.
Marginal Revenue
The additional income earned by a company from selling one more unit of a good or service, reflecting the benefit of increased production.
Marginal Cost
The boost in expense for crafting one more unit of a product or service.
Profits
The financial gain realized when the revenue earned from economic activities exceeds the expenses, costs, and taxes associated with sustaining the activity.
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