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ECONOMIES OF SCOPE: A production process in which it is cheaper to produce two (or more) products together rather than separately. This property is also termed joint production. For example the production of beef also results in the production of leather and the production of lumber also results in the production of sawdust. Economies of scope can be beneficial, that is, giving a producer multiple products to sell. But it can also be problematic when one of the joint products is undesirable, such as pollution or waste residual.

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MARGINAL REVENUE, MONOPOLISTIC COMPETITION

The change in total revenue resulting from a change in the quantity of output sold. Marginal revenue indicates how much extra revenue a monopolistically competitive firm 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 monopolistically competitive firm equates marginal revenue and marginal cost.

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