question
fixed cost
answer
the cost that a business incurs even if the plant is idle and output is zero
question
overhead
answer
total fixed cost
question
variable cost
answer
a cost that changes when the business rate of operation or output changes.
question
total cost
answer
the sum of the fixed and variable costs
question
marginal cost
answer
the extra cost incurred when a business produces one additional unit of a product
question
e-commerce
answer
electronic business or exchange conducted over the internet.
question
total revenue
answer
the number of units sold multiplied by the average price per unit
question
marginal revenue
answer
the extra revenue associated with the production and sale of one additional unit of output
question
marginal analysis
answer
a type of cost-benefit decision making that compares the extra benefits to the extra costs of an action
question
break-even point
answer
the total output or total product the business needs to sell in order to cover its total costs
question
profit maximizing quantity of output
answer
the situation that exists when marginal costs and marginal revenue are equal
Order an Essay Now & Get These Features For Free:
Turnitin Report
Formatting
Title Page
Citation
Outline
