hw 4 more - Chapter 8 definitions Question 1 0 / 1 point An...

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Chapter 8 definitionsQuestion 10 / 1 pointAn _________________ is calculated by subtracting the firm's costs from its totalrevenues, _______________________________ .a)opportunity cost; including economic profitb)accounting profit; including opportunity costc)economic profit; excluding opportunity costd)accounting profit; excluding opportunity cost
Question 21 / 1pointThe fact that a consumer is not required to buy the goods that a given firm produces,as well as the fact that the consumer might want the goods a firm produces, but maychoose to buy from other firms instead
c)means the firm has reached it shutdown point and should exit.d)are two stark realities any business firm must recognize.Question 31 / 1pointA perfectly competitive industry is a
Question 41 / 1pointIf a firm's revenues do not cover its average variable costs, then that firm hasreached its _________________ .
Chapter 8 perfect_competitionQuestion 51 / 1 point
If the quality differences of similar products are mostly imperceptible to the averageconsumer's eyes, which of the following will most likely play a major role ininfluencing the decisions of purchasers?a)purchaser's opportunity costb)size of competing productsc)geographic origin of productsd)price of competing products

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Term
Spring
Professor
HADJIDAKIS

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