Expected Economic Profit Per Unit Is Equal To

question 37

Multiple Choice

Expected economic profit per unit is equal to:

• A) expected price.
• B) expected average total cost.
• C) the difference between expected price and expected average total cost.
• D) the difference between expected total revenue and expected total cost.

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Definitions:

Basic Economic Questions

Fundamental questions every economy must answer regarding what to produce, how to produce it, and for whom it is produced.

Economic Growth

An increase in the amount of goods and services produced per head of the population over a period of time, reflecting a growing economy.

Outward Shift

In economics, refers to the movement of a curve away from the origin on a graph, typically illustrating growth or increase in factors like production possibility frontier or supply curve.

Technology

The application of scientific knowledge for practical purposes, especially in industry and the development of new products or processes.