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If the price of gasoline rises by 20 percent and consumption of gasoline falls 5 percent,
MC = MR
The condition where a firm's marginal cost equals its marginal revenue, often used to determine the optimal level of production.
Profit Maximized
The point at which a firm achieves the highest profit possible, given its production costs and the market price of its goods or services.
Marginal Revenue
Additional revenue earned from the sale of one more unit of a good or service.
Market Price
Market price is the current price at which an asset or service can be bought or sold, determined by supply and demand dynamics in the market.
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