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Fill in the Missing Category: Domain, Kingdom, Phylum, Class, _________

question 21

Short Answer

Fill in the missing category: Domain, kingdom, phylum, class, _________, family, genus, species.


Definitions:

Normal Profit

The minimum level of profit needed for a company to remain competitive in the market, factoring in the cost of opportunity.

Long-Run Equilibrium

A state in which all factors of production and costs are variable, and firms in a competitive market make just enough profit to cover their costs.

Marginal Cost

The increase or decrease in the total cost incurred from producing one additional unit of a good or service.

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