According to economists, profit will be maximized by a product price that exactly balances the revenue received from the last unit sold with the increase in total cost involved in making and selling it.

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This statement is essentially describing the concept of marginal cost equaling marginal revenue, a fundamental principle in economics for determining the profit-maximizing level of output for a firm. When the cost of producing one more unit (marginal cost) is exactly the same as the revenue gained from selling that unit (marginal revenue), profit is maximized because any additional unit would cost more to produce than it would bring in revenue.

According to Economists, Profit Will Be Maximized by a Product