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Profit-Maximizing Rule
A principle that states a firm reaches its highest profit when its marginal cost equals its marginal revenue.
Marginal Revenue
The revenue increase from the sale of one more unit of a product or service.
Marginal Cost
is the increase in total cost that arises from producing one additional unit of a product or service.
Total Fixed Cost
The total fixed cost refers to the sum of all costs that do not change with the level of output produced by a company or during a specific period.
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