Res Ipsa Loquitur Means "The Thing Has Imposed Harm

question 359

True/False

Res ipsa loquitur means "the thing has imposed harm."

---

Definitions:

Marginal Cost

The additional cost incurred in the production of one extra unit of a good or service.

Marginal Profit

The additional profit gained from producing or selling one more unit of a good or service.

MR < MC

A condition where marginal revenue is less than marginal cost, suggesting that a firm should reduce its output to maximize profit.

Economic Profits

The excess of total revenues over total costs, including both explicit and implicit costs, reflecting the true profitability of a firm.