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TOTAL REVENUE CURVE, MONOPOLISTIC COMPETITION: A curve that graphically represents the relation between total revenue received by a monopolistically competitive firm for selling its output and the quantity of output sold. It is used with the firm's total cost curve to determine economic profit. The marginal revenue curve, a key factor for determining the profit-maximizing level of a firm's output, is derived directly from the total revenue curve. The slope of this total revenue curve is marginal revenue. This curve is constructed to capture the relation between total revenue and the level of output, holding other variables constant.

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MARGINAL PRODUCT: The change in the quantity of total product resulting from a unit change in a variable input, keeping all other inputs unchanged. Marginal product, usually abbreviated MP, is found by dividing the change in total product by the change in the variable input. Marginal product lies at the very foundation of the analysis of short-run production and the subsequent explanation of the law of supply and the upward-sloping supply curve, using the law of diminishing marginal returns.

     See also | total product | output | input | variable input | fixed input | average product | marginal cost | law of diminishing marginal returns | average-marginal rule | total-marginal rule | short-run production | marginal physical product |


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SLOPE, AGGREGATE DEMAND CURVE

The negative slope of aggregate demand curve, reflecting the inverse relation between the price level and aggregate expenditures on real production, is attributable to three primary effects--real-balance effect, interest-rate effect, and net-export effect.

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