Examlex
Define Inventory.
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.
Marginal Revenue
The additional income gained from selling one more unit of a good or service.
Total Cost
The sum of fixed costs and variable costs incurred by a business in producing a particular level of output.
Industry Equilibrium Price
The price at which the total quantity demanded by consumers equals the total quantity supplied by firms in an industry.
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