Examlex
What led to the unionization of the U.S.auto industry?
Profit-Maximizing Output
Profit-maximizing output is the quantity of production at which a firm achieves the highest possible profit, where marginal cost equals marginal revenue.
Total Variable Cost
The sum of all costs that vary with the level of output, such as materials and labor, distinct from fixed costs.
Economic Profit
The disparity between total sales and the combined total of explicit and implicit costs.
Profit-Maximizing Output
The level of production at which a firm achieves the highest possible profit, determined by the point where marginal cost equals marginal revenue.
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