ECO 204 ECO/204 ECO204 Week 3 Quiz Answers

ECO 204 ECO/204 ECO204 Week 3 Quiz Answers

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ECO 204 ECO/204 ECO204 Week 3 Quiz

  1. Economic profit is defined as
  2. Firms exist for all but which one of the following reasons?
  3. What is one thing that entrepreneurs do NOT do?
  4. The change in total cost due to producing one more unit of output is called the
  5. Which of the following is most likely to be an implicit cost of production?
  6. A firm exists to
  7. A vertically integrated firm might own
  8. The Southern Tree Trimming Corporation reported an accounting profit of $35,000 and a normal rate of return of 15 percent on capital and enterprise of $30,000. The opportunity cost of labor is $15,500. What is the economic profit?
  9. The short run is
  10. A firm that owns a wheat farm, a grain elevator, a flour mill, a commercial bakery, and a grocery store chain is

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