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Which of the following best explains why it is rare for a completely new product to enter markets and be successful?
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1. Introduction to Microeconomics
Introduction to Economics
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In microeconomics, what is the term used to describe the additional revenue generated from the sale of a single unit of output?
A
Marginal revenue
B
Average revenue
C
Total revenue
D
Marginal cost
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Understand that the problem is asking for the term that describes the additional revenue generated from selling one more unit of output.
Recall that 'Total Revenue' is the overall income from selling all units, while 'Average Revenue' is the revenue per unit sold.
Recognize that 'Marginal Cost' relates to the cost of producing one more unit, not the revenue.
Identify that the term for additional revenue from selling one more unit is 'Marginal Revenue'.
Therefore, the correct term to describe the additional revenue from the sale of a single unit is 'Marginal Revenue'.
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