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MARGINAL REVENUE: The change in total revenue resulting from a change in the quantity of output sold. For a perfectly competitive firm, marginal revenue is equal to price.

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UTIL

A hypothetical unit of measurement of utility that is commonly used by economists to present hypothetical information about utility and consumer demand theory. The util measurement unit was developed as a convenient way to illustrate and discuss concepts such as total utility, marginal utility, and the law of diminishing marginal utility. However, because utility is not a measurable characteristic, the util does represent an actual unit of measurement, such as inches or pounds.

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Today, you are likely to spend a great deal of time at a going out of business sale hoping to buy either a how-to book on the art of negotiation or a flower arrangement for your aunt. Be on the lookout for broken fingernail clippers.
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Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
"If you don't have time to do it right, when will you have time to do it over?"

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