MATCHING

question 7

Short Answer

MATCHING
a) layered loaf of several varieties of ice cream
b) a still-frozen mousselike dessert
c) ice cream or a combination of ice cream and sorbet molded into a decorative shape
d) an icy frozen mixture usually made from citrus juice or coffee
e) a cooked mixture of eggs and milk or cream that is churned and frozen
-parfait

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Definitions:

Marginal Cost Curve

A graphical representation showing the cost of producing one more unit of a good.

Economic Profit

The difference between a firm's total revenues and its total costs, including both explicit and implicit costs, representing a profit above the opportunity cost.

Explicit and Implicit Costs

Explicit costs are direct payments made to others in the course of running a business, like wages or rents, while implicit costs represent the opportunity costs of using resources owned by the business.

Marginal Costs

The cost of producing one additional unit of a good or service, reflecting the change in total cost that comes from a one unit increase in output.