Examlex
Practical wisdom is useless according to Aristotle.
Marginal Cost
The increase or decrease in the total production cost when the production level is increased by one additional unit.
MR = MC Rule
An economic principle that states a firm will maximize its profit when its marginal revenue equals its marginal cost.
Additional Unit
Refers to the next unit of a good or service to be produced or consumed, often discussed in the context of marginal analyses, such as marginal cost or marginal utility.
MR = MC Rule
The MR=MC rule states that profit maximization occurs when a firm produces at a level where marginal revenue equals marginal cost.
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