Examlex
What are the three elements of the ARM concept?
Marginal Revenue
Marginal Revenue is the increase in income generated from the sale of one additional unit of a product or service, crucial for determining the optimal level of output for a firm.
Marginal Cost
The rise in costs related to the production of one more unit of a good or service.
Equilibrium Price
The price at which the quantity of goods supplied equals the quantity of goods demanded in the market.
Purely Competitive Industry
An industry consisting of many buyers and sellers, where each firm is a price taker and the products are homogeneous.
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