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Marginal Revenue
The additional income received from selling one more unit of a product.
Marginal Cost
The additional financial outlay required for producing another unit of a product or service.
Maximizes Profits
A strategy or condition where a business adjusts its operations, production, and pricing to achieve the highest possible financial gain.
MR = MC
A condition in economics where marginal revenue equals marginal cost, often used to determine the optimal level of production and pricing for firms.
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