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Eco 201 dr elliott exam 3 - Study guides, Class notes & Summaries

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ECO 201 Dr. Elliott Exam 3 Questions And Answers

  • ECO 201 Dr. Elliott Exam 3 Questions And Answers

  • Exam (elaborations) • 4 pages • 2024
  • ECO 201 Dr. Elliott Exam 3 Questions And Answers Profit - ANS Regardless of market type, firms are all about Profit - ANS Revenue-Costs Revenue - ANS -Amount of money the firm brings in -Price times quantity sold Cost - ANS Amount the firm pays to produce the good Maximizing profits - ANS Firms are all about Accounting Cost - ANS -Visible costs -Costs of land, labor, and capital Economic Cost - ANS -Visible costs -Opportunity cost of capital a...
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