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Definitions:
Total Profit
The financial gain made by a business after subtracting all expenses, taxes, and costs from total revenues.
Profit-Maximizing
A strategy in which a firm seeks to achieve the highest possible profit from its operations, often by adjusting output or prices.
Marginal Revenue
The additional revenue that a company earns from selling one more unit of a product or service.
Marginal Revenue
The additional revenue that a company generates from selling one more unit of a good or service.
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