The Quantity 1

question 46

Multiple Choice

The quantity 1.0 mg/cm² is the same as 1.0 × kg/m².

• A) 10^{- 2}
• B) 10^{- 6}
• C) 10^{- 4}
• D) 10⁴
• E) 10²

Distinguish between explicit and implicit costs and their relevance to economic and accounting profits.

Explain the impact of diminishing marginal product on cost curves.

Identify the components of total costs in production.

Understand the concept of opportunity costs and their role in decision-making.