Select the Word That Is Spelled Correctly

question 46

Multiple Choice

Select the word that is spelled correctly.

• A) insuficiency
• B) insufficiency
• C) insifficency
• D) insphiciency

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Definitions:

Implicit Costs

The opportunity costs of utilizing resources owned by the company for its operations instead of other purposes.

Accounting Profit

The financial gain calculated by subtracting total explicit costs from total revenues, excluding the consideration of implicit costs or opportunity costs.

Economic Profit

The gap between a company's total earnings and its combined explicit and implicit expenses.

Total Output

The total quantity of goods or services produced by an economy, firm, or production process within a given period.