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MARGINAL REVENUE: The change in total revenue resulting from a change in the quantity of output sold. For a perfectly competitive firm, marginal revenue is equal to price.
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Lesson 13: The Firm | Unit 2: Objectives
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Page: 11 of 24
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In this unit, you should have learned about:- Why business firms, like consumers, are primarily motivated to stay alive.
- Three different types of profit -- economic, accounting, and normal.
- Why business firms are guided by profit maximization much like consumers are guided by utility maximization.
- How and why real world firms are likely to pursue sales maximization, owner utility, employee utility, or social responsibility.
- Natural selection as the proposition indicating that firms which maximize profit, whether intentional or not, are the ones that tend to remain in business.
- Why natural selection justifies the assumption of profit maximization.
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PAPER ECONOMY Markets, exchanges, and other assorted economic activities that deal with legal or paper claims on physical assets rather than the physical assets. The vast majority of activities for the paper economy take place through financial markets. The paper economy complements production and consumption activities of the real economy that involve product markets and resource markets.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors seeking to buy either a computer that can play video games and burn DVDs or a black duffle bag with velcro closures. Be on the lookout for broken fingernail clippers.
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This isn't me! What am I?
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Parker Brothers, the folks who produce the Monopoly board game, prints more Monopoly money each year than real currency printed by the U.S. government.
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"It is not because things are difficult that we do not dare; it is because we do not dare that they are difficult. " -- Seneca, statesman, dramatist, philosopher
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TIFFE
Tokyo International Financial Futures Exchange (Japan)
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