Econ Exam 3 chapter 13 Flashcards
4.Total cost is the. a. amount a firm receives for the sale of its output. b fixed cost less variable cost. c. market value of the inputs a firm uses in production. d. quantity of output minus the quantity of inputs used to make a good. C. 5.Profit is defined as total revenue. a. plus total cost. b. times total cost.
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