MARGINAL REVENUE - MR
Increase in the firm’s gross revenue, which results from selling one additional unit of output. To compute marginal revenue (MR), divide the change in total gross revenue by the change in the quantity of output. MR can be consistent on certain level of output. Eventually, it will follow law of diminishing returns and slow down, as the level of output drops.
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Tit for Tat
Game theory mechanism subject to a payoff matrix similar to a prisoner’s dilemma. Anchored on the concepts of retaliation and altruism, this ...
Nonsegregated Disclosures
Information that must be presented legally anywhere in a lease agreement. These are required by the Federal Reserve Board Regulation M. The lease a ...
Product Line
A series of related products which are all made or manufactured by the same company.
Behavioral Economics
The scientific study on how the mind thinks and how each person reacts as it relates to the process of decision making in economics of individuals ...
Infant-Industry Theory
A theory stating the emerging domestic industries must be protected against foreign competition until they become established and mature. In econom ...
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