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Marginal Revenue
The extra revenue earned from the sale of an additional unit of a product or service.
Maximize Profits
The process by which a firm adjusts its production and pricing strategies to earn the highest possible profit.
Economic Profits
Profits calculated by subtracting both the explicit and implicit costs of production from total revenues.
Monopolistically Competitive
Describes a market type where numerous sellers offer differentiated products, leading to competitive yet non-homogeneous markets.
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