All of the Following Factors Were Identified in the Terry

question 53

Multiple Choice

All of the following factors were identified in the Terry standard except ______.

• A)weapons
• B)reasonableness
• C)bias
• D)scope

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Definitions:

Fixed Factors

Inputs in the production process that remain constant and cannot be easily increased or decreased in the short term, such as machinery or land.

Economic Profits

Profits earned by a firm after accounting for both explicit and implicit costs, indicating the total returns exceeding the costs of all resources employed.

Economic Profit

The difference between a firm's total revenue and its total costs, including both the explicit and implicit costs, representing the financial gain exceeding the opportunity costs.

Total Revenue

The gross income of a company, which is the sum of money generated from its goods or services sold before deducting any costs.