_______ is the addition made to the total revenue by selling one more unit of a commodity.
Average revenue
Total revenue
Marginal Revenue
Total cost
If marginal revenue equals marginal cost:
No profit is being made
Total revenue equals total cost
Profit are maximized
Producing another unit could increase profit
Marginal revenue is the least addition made to the
Total production
Total Revenue
Economic profit is the difference between total revenue and
Average cost
Marginal cost
Economic costs
Production cost
________ is the revenue per unit of the commodity sold. It is calculated by dividing the total revenue by the number of units sold.
Average Revenue
Money cost is also called
Nominal cost
Real cost
Total cost is the sum of
Total fixed cost and total variable cost
Total fixed cost and average cost
Marginal cost and average cost
Marginal cost and total fixed cost
The amount of money which the firm recovers by the sale of its output in the market is known as its
Cost
Revenue
Profit
The average variable cost curve:
Is derived from the average fixed cost
Converges with the average cost as output increases
Equals the total costs divided by the output
Equals revenue minus profits
