Examlex
Marginal product is the change in output divided by the change in the amount of an input used.
Marginal Revenue
The rise in income generated by the sale of an extra product or service unit.
Total Revenue
The sum of all revenue a business earns from its operational activities, like goods sales or service provision, prior to expense deduction.
Demand Curve
A graphical representation of the relationship between the price of a good and the quantity demanded for a given period.
Marginal Revenue Curve
A graphical representation showing how marginal revenue varies as output level changes, typically downward sloping for firms in competitive markets.
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