Examlex
Hypotheses and theories are synonymous terms for the same thing - an
educated guess.
Profit Maximizing Price
The price level at which a business can achieve the highest profit possible, based on its production costs and demand for its products.
Demand Curve
A graphical representation of the relationship between the price of a good and the quantity demanded.
Profit
Difference between total revenue and total cost.
Marginal Revenue
The additional income earned from the sale of one more unit of a product or service.
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