Examlex
What level of measurement is the number of auto accidents reported in a given month?
Marginal Revenue
The boost in income from the sale of an additional unit of a product or service.
Demand
The desire and willingness of consumers to purchase a particular good or service at various prices.
MC > MR
A condition where the marginal cost of producing an additional unit is greater than the marginal revenue earned from selling it, suggesting a decrease in production might increase profit.
Profit
The financial gain realized when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes needed to sustain the activity.
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