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"Welcome Back" Quiz v. 1

Quiz by Ian Cornell

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5 questions
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  • Q1
    Implicit and explicit costs together make up?
    Economic Costs
  • Q2
    The change in cost arising from one additional unit of output
    Marginal Cost
  • Q3
    Economic costs must be subtracted from what to calculate profit?
    Total Revenue
  • Q4
    What does this equation equal: TFC + TVC
    Total Cost
  • Q5
    Office rent is what type of cost?
    Fixed Cost

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