Examlex
Match each term with its definition.
-Usually begins at midnight the night before the exam
Average Revenue
The total revenue earned by a firm per unit of output sold.
Competitive Market
A market structure characterized by a large number of buyers and sellers, where no single entity controls the market price.
Marginal Cost
Marginal cost is the change in total cost that arises when the quantity produced changes by one unit. It's pivotal in decision-making processes regarding increasing or decreasing production.
Marginal Revenue
The extra financial gain from selling an additional unit of a product or service.
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