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INEFFICIENCY: When the economy is NOT obtaining the highest level of consumer satisfaction from the available resources. Inefficiency occurs if it is possible to reallocate resources in a way that would generate greater satisfaction.
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MARGINAL REVENUE, MONOPOLY The change in total revenue resulting from a change in the quantity of output sold. Marginal revenue indicates how much extra revenue a monopoly receives for selling an extra unit of output. It is found by dividing the change in total revenue by the change in the quantity of output. Marginal revenue is the slope of the total revenue curve and is one of two revenue concepts derived from total revenue. The other is average revenue. To maximize profit, a monopoly equates marginal revenue and marginal cost.
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Mark Twain said "I wonder how much it would take to buy soap buble if there was only one in the world."
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"The will to win is important, but the will to prepare is vital. " -- Joe Paterno, football coach
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MRP
Marginal Revenue Product
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