question
optimal decision
answer
one that best serves the objectives of the decision maker
question
Total Profit (Economic Profit)
answer
TR-TC
question
Total Revenue (TR)
answer
Price x Quantity
question
Average Revenue (AR)
answer
TR/Q
question
Marginal Revenue (MR)
answer
the change in total revenue resulting from the sale of an additional unit of a product
question
marginal profit
answer
the extra profit on the last unit
question
price leadership
answer
the strategy by which one or more dominant firms set the pricing practices that all competitors in an industry follow
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