Examlex
Macroeconomics studies economic activity from the level of one individual or firm.
Marginal Product
The extra output or benefit received from using one additional unit of a resource.
Opportunity Cost
The cost of an alternative that must be forgone in order to pursue a certain action, the benefits you could have received by taking an alternative action.
Marginal Cost
The cost added by producing one more item of a product, a crucial factor in economic decision-making regarding production levels.
Economic Profit
The difference between a firm’s total revenues and its total costs, including both explicit and implicit costs, representing the actual financial gain.
Q1: The national income and product accounts have
Q7: The value of cars that the Ford
Q42: A market with external costs:<br>A) tends to
Q106: (Figure: Determining Surplus and Loss) In the
Q106: People must be actively engaged in a
Q117: The costs of cyclical unemployment can be
Q118: Total surplus is the sum of consumer
Q171: Which of the following price floors for
Q191: At the peak of the business cycle,
Q220: In the market for online tutoring, there