The Term ________ Refers to the Advantages Conferred as an Auction

question 46

Short Answer

The term ________ refers to the advantages conferred as an auction site becomes larger in terms of visitors and products for sale.

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Definitions:

MC > MR

A condition where the marginal cost of producing an additional unit is greater than the marginal revenue earned from selling it, suggesting a decrease in production might increase profit.

Profit

The financial gain realized when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes needed to sustain the activity.

MC = MR

This abbreviation stands for the equality of marginal cost (MC) and marginal revenue (MR), a condition for profit maximization in perfectly competitive markets.

Profit

The profit achieved when the income from business operations surpasses all associated expenses, costs, and taxes.