Marginal Revenue

Marginal Revenue

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Description

Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. In microeconomics, marginal revenue (MR) is the additional revenue that will be generated by increasing product sales by 1 unit. It can also be described as the Unit Revenue the last item sold has generated for the firm. In a perfectly competitive market, the additional revenue generated by selling an additional unit of a good is equal to price the firm is able to charge the buyer of the good. This is because a firm in a Competitive Market will always get the same price for every unit it sells regardless of the number of units the firm sells since the firm's sales can never impact the industry's price. However, a Monopoly determines the entire industry's sales.show more

Product details

  • Paperback | 72 pages
  • 152 x 229 x 4mm | 118g
  • Placpublishing
  • United States
  • English
  • black & white illustrations
  • 6136220679
  • 9786136220673