Question

What you give up for taking some action is called the . is falling when marginal cost is below it and rising when marginal cost is above it. a cost that does not depend on the quantity produced is a(n) . in the ice-cream industry in the short run, includes the cost of cream and sugar but not the cost of the factory. profits equal total revenue minus . the cost of producing an extra unit of output is the?

Answer 1

What you give up for taking some action is called the opportunity cost.

Average total cost is falling when marginal cost is below it and rising when marginal cost is above it.

A cost that does not depend on the quantity produced is a fixed cost.

In the ice-cream industry in the short run, variable cost includes the cost of cream and sugar but not the cost of the factory.

Profits equal total revenue minus total cost.

The cost of producing an extra unit of output is the marginal cost.