Examlex
CERT stands for ___________.
Perfectly Elastic
Describes a situation where the quantity demanded or supplied responds infinitely at a particular price level.
ΔTR/Δq
The change in total revenue that results from selling one additional unit of a product, essentially another term for marginal revenue.
Marginal Revenue
Earnings obtained from the sale of one more unit of a good or service.
Equilibrium Price
The market price at which the quantity of goods supplied is equal to the quantity of goods demanded, reaching a state of balance.
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