Examlex
Before they can explain the concept of fairness, infants as young as what age notice when toys are not being fairly shared?
Profits
The financial gain obtained when the revenues generated from business activities exceed the expenses, costs, and taxes involved in sustaining the activity.
Industry Supply Curve
A graphical representation showing the relationship between the price of a good and the total output of the industry at various prices.
Input Price
The cost associated with procuring the resources needed for production, such as raw materials, labor, and machinery.
MC = MR
The condition where marginal cost equals marginal revenue, often used as a profit maximization rule for firms.
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