Examlex
Define job performance. Does it involve results, such as the dollar value of sales? Why or why not?
Profit-Maximizing
The process or strategy of adjusting production and pricing to achieve the highest possible profit.
MR = MC
A condition where the marginal revenue (MR) equals marginal cost (MC), which is the profit maximizing level of output for a firm under perfect competition.
Marginal Revenue
The increased income derived from the sale of one extra unit of a good or service.
Marginal Cost
The change in total cost that arises when the quantity produced is incremented by one unit.
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