Examlex
The partial pressure of a gas can be measured in millimeters of mercury.
Output Level
The amount of output produced by a firm or an industry within a certain period.
Demand Curve
An illustrated diagram indicating how consumer demand for a product varies with changes in its price.
Output Quantity
The amount of goods or services produced by a company, industry, or economy within a specific period.
MR = MC Rule
The principle that a firm will maximize its profit (or minimize its losses) by producing the output at which marginal revenue and marginal cost are equal, provided product price is equal to or greater than average variable cost.
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