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The point of indifference at which you say, "If you raise the price, forget it, I won't buy; if you drop the price, okay, I will," refers to which of the following terms?
MC = MR
A principle in economics stating that profit maximization occurs when a firm's marginal cost (MC) equals its marginal revenue (MR).
Marginal Revenue
The additional income gained from selling one more unit of a good or service.
Marginal Revenue
The extra revenue earned by selling an additional unit of a product or service.
Demand Curve
A graphical representation of the relationship between the price of a good and the quantity demanded by consumers, typically downward-sloping.
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