Using a Graph, Show Why Marginal Revenue Is Always Less

question 314

Essay

Using a graph, show why marginal revenue is always less than price.

---

Definitions:

General Journal

A comprehensive accounting record of all transactions made by a company, presented in chronological order.

Sales Tax

A tax imposed by governments on the sale of goods and services, collected by the retailer at the point of sale and passed on to the government.

Cash Refund

A repayment to a customer in cash for the return of products or for rebate claims.

General Journal

A primary accounting record used to record all non-specific financial transactions of a business in chronological order.