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Microeconomics Test

Enter the letter for the matching Definition
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1.
MR = MC Rule
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2.
Average Revenue (AR)
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3.
Total Revenue (TR)
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4.
Stakeholder
A.
The guideline used by a firm to achieve profit maximization.
B.
The price of a good multiplied by the number of units sold.
C.
Total revenue divided by the quantity of good or services sold.
D.
Someone who has a personal and consequential interest in the viability of the firm.
Type the Term that corresponds to the displayed Definition.
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5.
The primary goal of a firm: To achieve the most profit possible from its production and sale of goods or services.
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6.
The cessation of the firm's activity. The firm's loss minimization occurs at zero output.
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7.
The change in total revenue generated by the sale of one additional unit of goods or services.
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8.
Faced with the uncertainty of incurring losses, the firm's goal is to incur the lowest loss possible from its production and sale of goods and services.
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9.
Income earned by entrepreneurs.

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Created by: boylel13
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