The Life Expectancy of Today's Internal Engine Parts Is Currently

question 2

Multiple Choice

The life expectancy of today's internal engine parts is currently listed at _____ miles.

• A)100,000
• B)150,000
• C)200,000
• D)250,000

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Definitions:

Marginal Cost

The hike in overall costs when one extra unit of a product or service is produced.

Economic Profits

The difference between total revenue and total costs, including both explicit and implicit costs, representing surplus remaining after all costs have been paid.

Entry Barriers

Obstacles that prevent or hinder new competitors from easily entering an industry or area of business.

Total Profit

The financial gain obtained by subtracting total expenses from total revenue generated from sales or operations.