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ECO 204 ECO204 Principles of Microeconomics Week 3 Quiz Answers

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ECO 204 Principles of Microeconomics Week 3 Quiz Answers

  1. Nonprofit firms, both private and governmental, may differ in behavior from profit-seeking private firms because
  2. A firm exists to
  3. Economic profit is defined as
  4. What is one thing that entrepreneurs do NOT do?
  5. A firm that owns a car rental agency, a modeling agency, a French bakery, and a pet store is
  6. Ralph's Travel Agency had accounting profits of $50,000 and implicit costs of $30,000. What were economic profits?
  7. The cost of alternatives given up that do not carry dollar costs is
  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. When inputs are combined so that total production has the lowest possible cost, we are observing
  10. The change in total cost due to producing one more unit of output is called the

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