Match the Term with Its Definition

question 46

Essay

Match the term with its definition.Some terms may not be used.
a.Aging schedule
b.Average pricing
c.Bad-debt ratio
d.Break-even analysis
e.Break-even point
f.Contribution margin
g.Elastic demand
h.Elasticity of demand
i.Inelastic demand
j.Value
-The ratio of bad debts to credit sales

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Definitions:

Marginal Cost

The cost added by producing one additional unit of a product or service.

Long-Run Equilibrium

A state in which all factors of production are variable, allowing firms to adjust their inputs in response to market conditions, resulting in no firm having an incentive to enter or exit the market.

Allocative Efficiency

A state of resource allocation where goods and services are distributed according to consumer preferences, reflecting the highest possible welfare.

Economic Profits

Profits exceeding the opportunity costs of all resources employed, indicating above-normal returns.