question
to determine the quantity of any activity that will maximize total net benefit, economists imploy the:
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principle of marginal analysis
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Profit computed using explicit costs as tje only measue of cost is :
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accounting profit
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Liones Pizza offers the foloeing prices: one slice for $2.00, two slices for $3.50, three slices for $4.50, and four slices for $5.00. the marginal cost to the costumer of the third slice is :
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$1
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When machinery experiences wear and tear from usage , this is often reffered to a :
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depreciation
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If the marginal benefit received from a good is equal to the marginal cost of production, then :
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society's well-being cannot be improved by changing production
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Suppose Eastland college does not hold summer classes but could rent out the campusto various summer sports camps for $ 100,000. the potential revenue of the summer camps represents a(n):
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implicit cost
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Chris owns a contracting company in Maryland. he pays $18,000 a year in insurance, $350,000 in wages and $10,000 in supplies. His truck that he uses for work is depreciated $12,000 per year. Chris forgoes $44,000 per year he could make as an industrial arts teacher. his total revenue last year equaled $430,000. this means that his economic __________ equaled ___________
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loss; $4,000
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If economic profit for a firm is negative :
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the firm should exit the industry
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The curve that shows additional cost of each additional unit of output is called the
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marginal cost curve
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If economic profit for a firm is negative :
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the firm should exit the industry in the long run
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The implicit cost of capital is
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the opportunity cost of capital used by the business
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charges that must be paid for the use of factors of production such as labor and capital are
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explicit costs
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If marginal costs of production are greater than marginal benefits of production
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too much of the good is being produced
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what is an implicit cost of attending college
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forgone salary
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a firm should continue to produce as long as its
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economic profit is at least 0
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you own a small deli that produces sandwiches, soups, and other items for customers in your town. what is a fixed input in the production function of the deli
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the dining rooom where customers eat their meals
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If the marginal cost curve is upward sloping, this means that as output ___________, marginal costs will ___________
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increases ; increase
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