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Match the Following Terms with Their Meanings

question 156

Multiple Choice

Match the following terms with their meanings.

-Liquid produced by the fetal membranes that surrounds the fetus throughout pregnancy


Definitions:

Economic Profit

The gap between all earnings and total expenditures, factoring in both overt and hidden costs.

Accounting Profit

The total revenue of a business minus the explicit costs associated with that business, as calculated for financial accounting and reporting purposes.

Explicit Costs

Direct, out-of-pocket payments made by businesses for resources and services.

ATC

Average Total Cost, which is the total cost of production divided by the number of goods produced, representing the per unit cost of production.

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