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Figure: Joanna's Time Allocation Budget Line
-(Figure: Joanna's Time Allocation Budget Line) The figure Joanna's Time Allocation Budget Line depicts what happens when she can choose how to spend 40 hours. If Joanna's wage increases and as a result she consumes LESS leisure, her supply curve of labor is:
Marginal Revenue
Marginal revenue is the additional income received from selling one more unit of a good or service.
Total Revenue
Total Revenue, in a rephrased definition, represents the aggregate earnings a company receives from selling its products or services, before any expenses are subtracted.
Market Price
The going rate at which a particular market offers to buy or sell an asset or service.
Average Revenue
The revenue earned per unit of output sold; calculated by dividing the total revenue by the number of units sold.
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