Profit Flashcards
1
Q
marginal benefit
A
change in benefit in response to a specific action
2
Q
marginal cost
A
the cost associated with one additional unit of production
3
Q
marginal revenue
A
the income received from selling one additional unit of a good or service
4
Q
maximize
A
to make as large as possible
5
Q
profit
A
income received from an economic action minus the costs of taking the action
6
Q
revenue
A
the total income received from an economic action
