Match Each Term with Its Definition

question 49

Multiple Choice

Match each term with its definition.
-Refers to a "leaking" valve

• A)transient ischemic attack
• B)hemorrhagic stroke
• C)stent
• D)infarction
• E)regurgitate
• F)benign
• G)malignant
• H)stenotic
• I)sickle cell anemia
• J)stasis

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Definitions:

Economic Profits

Profits calculated by subtracting both explicit and implicit costs from total revenues, indicating the total financial gain.

Accounting Profits

The net income for a company after all expenses, taxes, and costs have been subtracted from total revenue.

Economic Profits

The excess of total revenue over total cost, including both explicit and implicit costs, indicating the efficiency of resource utilization beyond breakeven.

Perfectly Competitive

A market structure characterized by many buyers and sellers, free entry and exit, and a homogenous product, leading to price taking behaviour.