Examlex
Information is a substitute for inventory.
Average Total Cost
The total cost of production divided by the quantity of output produced, representing the cost per unit of output.
Marginal Revenue
The supplementary earnings obtained by selling one more unit of a good or service.
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.
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