Examlex
When computing variances from standard costs,the difference between actual and standard price multiplied by actual quantity used yields a
Marginal Revenue
The additional income generated from selling one more unit of a good or service.
Total Revenue
Total Revenue is the full amount of income generated by the sale of goods or services before any costs are deducted.
Perfectly Elastic Demand
Demand in which quantity drops to zero at the slightest increase in price.
Ceteris Paribus
A Latin phrase meaning "all other things being equal," used in economics to analyze the effect of one variable change while holding others constant.
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