sto Bookmar West Kentucky Community and Technical College Eco 201 Micro Fall 14
ID: 1094132 • Letter: S
Question
sto Bookmar West Kentucky Community and Technical College Eco 201 Micro Fall 14 BURNHAM: HW Set isaplinglearning.com/ibiscms/modiibis/view.php?id-1295270 Hot New Hip Hop Face Netflix Apple Google Maps YahooM YouTube Wikipedia News Gradebook Question 3 af 23 Fain the blank in the following four sentences. 2, market price exceeds 1, Profit produced) profit wil be Xquantity produced) O fixed cost negative O prion average cost O price marginal cost O variable oost negative O, marginal cost posiove O revenue average cost O average cost positive O revenue variable cost helps firms understand how profits a4. an firm understand whether they are eaming by aan) ti helps a profits, then a Oomparison between would be feaed and prioe helps firms understand whether the firm eaming a profit are not Average variable in the number of in the industry o cost increase or decrease in one unit of output O average fixed cost marginal costs Average cost increase or in one unit of ouput O average variable cost fixed costs O Marginal change technology complementary products O Parginal cost fxedEosts about us aree Pamners privacy polcy terms tuiR contact unExplanation / Answer
Profit = Revenue - Expense; Revenue = price X quantity produced, Expense = avaerage cost X quantity produced; so....
1. price; average cost
2. average cost; positive
3. marginal cost; increase or decrease in one unit of output
4. average variable cost; fixed cost
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