Examlex
All businesses are formed to create something of value from scratch.
Output
The complete sum of outputs, whether goods or services, created by an enterprise, industry, or economic entity.
Marginal Revenue
The revenue enhancement a company experiences by selling another unit of a product or service.
Total Revenue
The total amount of money received by a firm from sales of its products or services, calculated as the quantity sold times the price per unit.
MC < MR
A condition in economic theory where marginal cost is less than marginal revenue, suggesting that increasing production would be profitable.
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