Question

This chapter discusses many types of costs: explicit costs, implicit costs, total cost, average fixed cost,...

This chapter discusses many types of costs: explicit costs, implicit costs, total cost, average fixed cost, average variable cost, and marginal cost. Fill in the type of cost that best completes each sentence.

ALL POTENTIAL ANSWERS ARE EITHER AVERAGE FIXED/ AVERAGE VARIABLE/ EXPLICIT/ IMPLICIT/ MARGINAL/ OR TOTAL COST

Profits equal total revenue minus ______________ .

The term __________ refers to costs that involve direct monetary payment by the firm.

_____________   is falling when marginal cost is below it and rising when marginal cost is above it.

The cost of producing an extra unit of output is the _____________   .

__________   is always falling as the quantity of output increases.

The opportunity cost of running a business that does not involve cash outflow is a(an) ____________   .

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Answer #1

Profits equal total revenue minus TOTAL COST
.
The term EXPLICIT refers to costs that involve direct monetary payment by the firm.

AVERAGE VARIABLE COST is falling when marginal cost is below it and rising when marginal cost is above it.

The cost of producing an extra unit of output is the MARGINAL COST.

AVERAGE FIXED COST is always falling as the quantity of output increases.

The opportunity cost of running a business that does not involve cash outflow is a(an) IMPLICIT COST.

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