Starting in 2003,NCVS Respondents Were Able to Self-Report

question 13

Multiple Choice

Starting in 2003,NCVS respondents were able to self-report:

• A)more than one ethnicity.
• B)more than one race.
• C)only one ethnicity.
• D)only one race.

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Definitions:

Economic Profits

The difference between total revenue and total costs, including both explicit and implicit costs, indicating the financial gain in excess of the opportunity costs.

Production Costs

Expenses incurred in the process of creating or manufacturing a product, including materials, labor, and overhead costs.

Marginal Cost

The additional cost incurred by producing one more unit of a product or service.

Alternative Goods

Products that serve as substitutes for each other; when the price of one increases, the demand for the other may increase.