Directions: Apply the Knowledge You Have Gained from Chapter 9

question 16

Multiple Choice

Directions: Apply the knowledge you have gained from Chapter 9 to answer the following questions. ​ Which group of transition words could show the relationship between paragraphs in an essay explaining a process?

• A)first, next, then, finally
• B)above, across, beneath, behind
• C)also, in the same way, likewise, similarly
• D)for example, for instance, in addition, also

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Definitions:

Economic Profits

Profits that exceed the opportunity costs of a firm, calculated as total revenues minus both explicit and implicit costs.

Long Run

A period during which all factors of production and costs are variable, and firms can enter or exit the industry.

Total Revenue

The gross revenue from selling products or services before deducting any costs.

Fixed Cost

Expenditures that do not change with the level of production or sales, such as rent, salaries, and insurance.