Examlex
Selective incorporation involves the piecemeal application of individual rights on a case-by-case basis by the Supreme Court over time.
Economic Profit
The differential tally between gross receipts and total obligations, including costs both acknowledged and undeclared.
Average Variable Cost
The total variable cost per unit of output, calculated by dividing total variable costs by the quantity of output.
MR = MC
Marginal Revenue equals Marginal Cost; a condition used to determine the profit-maximizing level of output for a firm.
Profit-maximizing Quantity
The level of output at which a business realizes the greatest profit, where marginal cost equals marginal revenue.
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