Examlex
After President Reagan repealed the price controls on gasoline:
Marginal Revenue
The increase in revenue that results from the sale of one additional unit of output.
Average Variable Cost
The total variable costs divided by the quantity of output produced, representing the variable cost per unit.
Average Total Cost
The total cost of production divided by the quantity of output produced, encompassing both fixed and variable costs.
Total Revenue
The total income a firm receives from selling its products; calculated as the quantity sold multiplied by the price per unit.
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