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Drawing the supply curve and the demand curve on the same graph helps show how price is determined.
Marginal Revenue
The boost in income derived from the sale of an extra unit of a product or service.
Marginal Cost
The additional cost incurred in the production of one extra unit of a good or service.
Marginal Profit
The additional profit gained from producing or selling one more unit of a good or service.
MR < MC
A condition where marginal revenue is less than marginal cost, suggesting that a firm should reduce its output to maximize profit.
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