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In microeconomics, a firm’s equilibrium refers to the point where it maximizes its profit or minimizes its losses. The necessary condition for this equilibrium is the equality of marginal cost (MC) and marginal revenue (MR). This is because profit maximization occurs only when the additional cost incurred from producing one more unit (MC) equals the additional revenue earned from selling that unit (MR). If MR is greater than MC, it implies that the firm earns more from _____ __________ ____ _____ ___ _____.
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