Revenue, Profits, and Price: Crash Course Economics #24

Front

_____ profit is revenue minus explicit costs.

Back

accounting

Front

_____ profit is revenue minus explicit costs and implicit costs.

Back

economic

Front

A _____ profit is the minimum level of economic profit a company needs to stay in business.

Back

normal

Front

_____ costs are costs that change depending on a company's production volume.

Back

variable

Front

_____ costs are basic operating expenses of a business that cannot be avoided and that do not change.

Back

fixed

Front

Average cost is the _____ cost divided by the number of output.

Back

total

Front

Economies of scales means that the more things you produce, the lower your average cost.

Back

True

Front

_____ revenue is the additional revenue earned from selling another unit.

Back

marginal

Front

The Law of Diminishing Marginal _____

Back

Returns

Front

A _____ cost is a cost that has already been paid and can't be recovered.

Back

sunk