Marginal Revenue: Marginal revenue is the additional revenue generated from selling one more unit of a product. It helps firms determine how much they should produce in order to maximize their profits.
Perfect Competition: Perfect competition is a market structure where there are many buyers and sellers, homogeneous products, perfect information, and no barriers to entry or exit. In this type of market, firms are price takers and have no control over prices.
Total Cost: Total cost refers to the sum of all costs incurred by a firm in producing a certain quantity of output. It includes both fixed costs (costs that do not change with output) and variable costs (costs that vary with output).