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MR = MC
A condition in economics where the marginal revenue (MR) of producing one more unit of a good matches the marginal cost (MC) of producing that unit, used in determining the optimum production quantity.
Profit-maximizing Level
The point of production at which a firm achieves its highest possible profit, determined by equating marginal cost and marginal revenue.
Perfectly Elastic
Perfectly elastic describes a situation where the quantity demanded or supplied changes infinitely in response to any change in price, represented by a horizontal demand or supply curve.
Industry Supply
The total output of a specific good or service produced by all firms in an industry at various price levels.
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