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Why should a company endeavor to be socially responsible in its actions and conduct?
ATC
Average Total Cost, the total cost of production divided by the number of units produced, representing the average cost per unit of output.
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.
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