Pure, or economic, profit is   the return required to retain entrepreneurial talent in that line of business.   any amount remaining above normal profits.   the amount remaining when implicit costs are removed from total revenue.   determined by subtracting explicit costs from total revenue.

Q: What are economic costs? Group of answer choices Any contractual obligation that results in a flow…

A: The economic cost is the mix of misfortunes of any merchandise that has a worth joined to them by…

Q: Marginal product will eventually go down because of  the law of diminishing marginal utility.  the…

A: The marginal product of a factor input is the additional output that is generated when an…

Q: If a firm's average total cost remains constant as output grows, the firm has constant returns to…

A: Meaning of Cost: The term cost refers to the situation under which a firm occurs various expenses…

Q: Bartech, Inc. is a firm operating in a competitive market. The manager of Bartech forecasts product…

A: Variable costs are the cost that changes with the change in output. Fixed costs are the cist that…

Q: A firm's total cost (TC) equals the sum of its fixed cost plus its Group of answer choices marginal…

A: Sunk cost is the cost which is incurred already and this cost can not be recovered.

Q: Introduction of the Verson Stamping Machine helped firms in the automobile industry: achieve greater…

A: Economies of Scale: Economies of scale refer to the cost of advantages that a firm can achieve by…

Q: Economic cost can best be defined as: Select one: a) All costs excluding labour costs b) Any…

A: Economic costs According to the accounting cost, the economic cost is a more comprehensive concept.…

Q: Fixed costs differ from sunk costs in that a firm can avoid fixed costs by not producing anything

A: Avoidable costs are costs that do not occur if the activity is not performed. For example, supply…

Q: What is the short-run shutdown price, the price below which the firm chooses to shut down…

A: Shut Down price: In the short run as the firm faces the total fixed cost as well. And a firm will…

Q: A firm's accounting profit is equal to total revenue minus opportunity costs total revenue plus…

A: The expression “accounting profit means to the total revenue of an organization in the wake of…

Q: Elegant Settings manufactures stainless steel cutlery. The table below shows the company's cost…

A: The cost data is provided below. Quantity Long Run Average Cost1004020035300304003050035

Q: Which of the following is an explicit cost? The opportunity cost of an owner/entrepreneur’s time…

A: An explicit cost is an out of pocket expense that is incurred in the course of production of a good…

Q: If a nondiscriminating imperfectly competitive firm is selling its 55th unit of output for $450, its…

A: Marginal revenue is the additional revenue earned after an additional unit sold.

Q: Which of the following would be the best starting point on which to focus if an air conditioner…

A:

Q: Fixed cost V [ Choose ] all costs that are incurred over the life of a product, process, or service…

A: The sum of all costs spent by a firm in achieving a given level of production is known as total cost…

Q: Normal profits are Multiple Choice   the profits reported by accountants on a firm's annual…

A: ANS Profit is given by subtracting Total Cost (TC) from Total Revenue (TR). Mathematically it is…

Q: Due to the diminishing marginal returns in the short run production, for a typical firm, in the…

A: Diminishing marginal returns refers to the situation when firm is facing an increase in marginal…

Q: The following is cost information for the Creamy Crisp Donut Company. Entrepreneur's potential…

A: Answer: Normal profit: normal profit occurs when the value of economic profit is zero. Economic…

Q: nal cost Multiple Choice O equals both average variable cost and average total cost at their…

A: The marginal cost measures the change in the total cost when one additional unit of output is…

Q: If producing more output increases average cost then         a)there are diseconomies of scale.…

A: Answer to the question is as :

Q: Costs that change with the level of per unit of production are referred to as ________.     Fixed…

A: cost, in like manner use, the money related worth of labor and products that makers and consumers…

Q: A firm's decisions are ultimately oriented toward: -increasing total revenue -minimizing the…

A: When an individual participates in the market as a supply-side participant, he has to deal with…

Q: help please answer in text form with proper workings and explanation for each and every part and…

A: Approach to solving the question:1. Calculate the expected market price by multiplying the…

Q: Implicit costs are Multiple Choice ) the same as economic costs. comprised entirely of actual…

A: When computing the cost associated with a specific task or event, an individual looks into two types…

Q: The minimum efficient scale of a firm Multiple Choice is realized somewhere in the range of…

A: We can calculate long run average total cost by dividing long run total cost by output. Long run…

Q: Marginal cost is the change in the price of a good for a one unit change in output. fixed cost…

A: Total cost is the sum of fixed cost and variable cost.

Q: Economies of scale are indicated by Multiple Choice the rising segment of the average variable cost…

A: Production becomes more affordable as more units are produced thanks to economies of scale. The…

Q: Which of the following sources of low costs is most popular? Group of answer choices   Economies of…

A: Cost is minimized when large output can be produced with limited resources and available technology.…

Q: Economic cost can best be defined as

A: The economic cost is the mix of misfortunes of any merchandise that has a worth joined to them by…