Examlex
What are the issues involved in measurement?
Total Revenue
The complete amount of income generated by the sale of goods or services before any costs are subtracted.
Total Cost
The sum of all costs incurred by a business in the production of goods or services, including both fixed and variable costs.
Short-Run Supply Curve
A curve showing the relationship between the price of a good and the quantity supplied over a short period, where some production inputs are fixed.
Marginal Cost
The cost to produce one additional unit of a good or service.
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