Examlex
A _____ is a physical model of a product.
Total Profit
The net income a business earns after subtracting all costs, expenses, and taxes from the total revenue.
Per Unit Profit
The profit earned from selling one unit of a product, calculated by subtracting the cost per unit from the selling price per unit.
MR = MC Rule
A principle in economics where the optimal level of output is reached when marginal revenue equals marginal cost.
Price Taker
An individual or company that must accept prevailing prices in the market of its products or services, lacking the market power to influence prices on its own.
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