Examlex
Products that may replace others of the same or another producer are termed:
Economic Profit
The contrast between cumulative revenue and cumulative costs, taking into account both clear and veiled expenses.
Economic Costs
The sum of explicit costs (direct payment for resources) and implicit costs (opportunity costs of using resources owned by the firm).
Marginal Revenue
Marginal revenue is the additional income that is generated by selling one more unit of a good or service.
Marginal Cost
The financial outlay for manufacturing an extra unit of a product or service.
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