Which of the Following Words Best Describes the Sum Total

question 97

Multiple Choice

Which of the following words best describes the sum total of all matter and energy that exists?

• A) supercluster
• B) universe
• C) multiverse
• D) macrocosm

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Definitions:

Short-Run

A timeframe in which a company cannot alter at least one of its resources.

Economic Profit

The difference between the total revenue earned by a firm and the total cost of inputs, including both explicit and implicit costs.

Implicit Costs

The opportunity costs of utilizing resources owned by the firm that could have been employed for other purposes.

Explicit Costs

Direct, out-of-pocket payments for resources employed in the production of goods or services, easily identified and measured.