Define the Following Terms Completely and Concisely

question 128

Essay

Define the following terms completely and concisely.
a. Marginal revenue
b. Average revenue
c. Optimal decision
d. Satisficing
e. Marginal profit

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Definitions:

Price Searcher

A seller that determines the selling price of its product or service based on market conditions, demand, and competition, instead of adhering to a market dictated price.

Marginal Revenue

The additional revenue that a company receives from selling one more unit of a good or service.

Marginal Cost

The extra expense involved in making one more unit of a product or service.

Expand Output

The process of increasing the quantity of goods or services produced by a business or economy.