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MARGINAL REVENUE CURVE, PERFECT COMPETITION: A curve that graphically represents the relation between the marginal revenue received by a perfectly competitive firm for selling its output and the quantity of output sold. Because a perfectly competitive firm is a price taker and faces a horizontal demand curve, its marginal revenue curve is also horizontal and coincides with its average revenue (and demand) curve. A perfectly competitive firm maximizes profit by producing the quantity of output found at the intersection of the marginal revenue curve and marginal cost curve.
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QUANTITY The amount of a commodity (good, service, or resource) that is produced, consumed, bought, sold, or exchanged. The quantity of a commodity is often the focus of economic analysis. It takes center stage in the market model, as well as the theories of short-run production and consumer demand theory. In the standard market diagram, as well as most other analyses, quantity is displayed on the horizontal axis.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time watching infomercials trying to buy either a solid oak entertainment center or a remote controlled ceiling fan. Be on the lookout for vindictive digital clocks with revenge on their minds.
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Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
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"Are you bored with life? Then throw yourself into some work you believe in with all your heart. Live for it, die for it, and you will find happiness that you had thought could never be yours. " -- Dale Carnegie, writer
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WIPO
World Intellectual Property Organization
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