Ashford ECO 204 ECO/204 ECO204 Week 3 Quiz Solutions

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  1. In the short run, if a firm has zero output, its total cost is
  2. Ralph’s Travel Agency had accounting profits of $50,000 and implicit costs of $30,000. What were economic profits?
  3. A vertically integrated firm might own
  4. Accounting profit is defined as
  5. The change in total cost due to producing one more unit of output is called the
  6. When inputs are combined so that total production has the lowest possible cost, we are observing
  7. The technical relationship between inputs and outputs, which is needed to understand the difference between the short run and the long run, is called
  8. When the marginal product curve is declining because of
  9. What is one thing that entrepreneurs do NOT do?
  10. A firm exists to