Below are nineteen concepts, 1-19, and nineteen definitions,
A-S. Match each definition to its concept by...
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Economics
Below are nineteen concepts, 1-19, and nineteen definitions,
A-S. Match each definition to its concept by writing the correct
letter the following way: 1A, 2B etc. ____
1. Long run
____
2. Short run
____
3. Sunk cost
____
4. Fixed cost
____
5. Explicit cost
____
6. Implicit cost
____
7. Accounting
profit ____
8. Economic profit
____
9. Total revenue
____ 10.
Total costs ____
11. Variable costs
____ 12.
Marginal revenue, MR ____
13. Marginal cost, MC
____ 14.
Average cost ____
15. Zero (normal) profits
____ 16.
Increasing cost industry ____
17. Constant cost industry
____ 18.
Decreasing cost industry ____
19. Elimination principle
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