What Does ANSI Stand For

question 27

Multiple Choice

What does ANSI stand for?

• A) Association for Normalization and Standards in Industry
• B) American National Standards in Industry
• C) American National Standards Institute
• D) American Nuclear Science Institute
• E) Association of Nerds in Science and Industry

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Definitions:

Economic Profits

Economic profits refer to the excess returns a firm makes above its opportunity costs, factoring in both explicit and implicit costs.

Profit-Maximizing

The process of finding the level of output at which a firm makes the highest profit.

Short Run

A period in which at least one factor of production is fixed and cannot be varied by the firm.

Long Run

A period sufficient for all inputs in production to be adjusted, including physical capital and labor.