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| a firm's opportunity cost of using its own resources or those provided by its owners without a corresponding cash payment |
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| opportunity cost of resources employed by a firm that takes teh form of cash payments |
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| equation of accounting profit |
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| equation of economic profit |
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| The value of a company's owners time. Implicit or Explicit |
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| Electricity cost. Implicit or Explicit |
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| True or False Normal profit is teh profit that... |
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| period in which the problem is fixed |
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| all resources are variable |
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| the change in total cost resulting from a one-unit change in output; the change in total cost divided by the change in output, or MC= |
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| the change in total product that occurs when the use of a particular resource increases by one unit, all other resources constant |
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| True or False When a firm is experiencing dimishing marginal returns marginal cost is falling. |
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