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Jurassic Manufacturers produces flooring material. Fixed costs are $5 000 per month. Sales price for one unit of product is $50, and the variable cost per unit is $30. If Jurassic wishes to earn a net profit of $5 000, how many units need to be sold?
Production Possibility Frontier
An illustration representing the maximum production capabilities for multiple goods with a certain amount of resources.
Opportunity Cost
The economic consequence of bypassing the closest better choice when making a decision.
Production Possibility Frontier
A curve depicting all maximum output possibilities for two or more goods given a set of inputs (resources, technology, etc.), assuming all resources are fully and efficiently utilized.
Labor Force
The total number of people who are employed and those actively seeking employment in an economy.
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