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MARGINAL REVENUE, MONOPOLISTIC COMPETITION: The change in total revenue received by a monopolistically competitive firm resulting from a change in the quantity of output sold. For a monopolistically competitive firm, marginal revenue is less than the price.

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Lesson 19: Monopolistic Competition | Unit 4: Analysis Page: 17 of 22

Topic: Advertising <=PAGE BACK | PAGE NEXT=>

  • Attracting customers is the firm's prime reason for advertising:

  • Advertising is information provided by a company about its product or operation, usually through media such as television, radio, newspapers, magazines, and the Internet, to promote or maintain sales, revenue, and/or profit.
  • Advertising is generally used by monopolistic competition to accomplish two related goals -- product differentiation and market control.

  • From a more graphical standpoint, advertising seeks:

    • To Increase Demand

    • To Reduce Demand Elasticity


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AVERAGE-MARGINAL RELATION

A mathematical connection between a marginal value and the corresponding average value stating that the change in the average value depends on a comparison between the average and the marginal. This mathematical relation between average and marginal surfaces throughout the study of economics, especially production (average product and marginal product), cost (average total cost and marginal cost), and revenue (average revenue and marginal revenue). A similar relation is that between a total value and the corresponding marginal value.

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Today, you are likely to spend a great deal of time wandering around the downtown area looking to buy either a coffee cup commemorating next Thursday or a replacement remote control for your stereo system. Be on the lookout for jovial bank tellers.
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