In pure competition, marginal revenue is: equal to total revenue. equal to product price. less than product price. greater than product price. Marginal revenue.
A key term in microeconomics, marginal revenue (or marginal benefit) refers to the additional total income produced by increasing product sales by one unit. It is necessary to compare the aggregate advantages a firm gained from the quantity of a good or service produced during the previous period and the present period with an additional unit increase in the rate of production in order to calculate the value of marginal revenue. Together with marginal cost, marginal revenue is a key instrument for economic decision-making in the context of a corporation.
In a market with perfect competition, the incremental profit made by selling one more unit of a good is equal to the price the company can charge the buyer of the good.
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