Examlex
Participants in a 2 day biking event, cross the finish line at a rate of 10 bike riders per fifteen minute interval.On average, how much time, in minutes, elapses between bike riders?
Downsloping
describes a trend or curve that goes downward, often used in economics to describe demand curves where price decreases lead to an increase in quantity demanded.
Economic Profits
Profits exceeding the opportunity costs of a venture or investment, accounting for both explicit and implicit costs.
Normal Profits
The level of profit necessary to keep a firm in an industry, equating to the opportunity cost of capital and entrepreneurship.
Marginal Cost
The financial commitment needed for producing an extra unit of a good or service.
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