Theory of the firm (U2) concepts & definitions

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Economics

IB Economics (HL)

Last updated 1:07 AM on 6/22/26
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4 Terms

1
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Total revenue

The aggregate revenue gained by a firm from the sale of a particular quantity of

output (equal to price times quantity sold).

2
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Marginal revenue

The addition to total revenue resulting from the sale of an additional unit of output.

3
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Short run

Time period where some factors of production are fixed

4
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Long run

The time period where all factors of production are variable