Refer to the Figure Below, and Then Answer the Question

question 16

Multiple Choice

Refer to the figure below, and then answer the question that follows.

-Which of the following pairs are most closely related?

• A)crocodiles and dinosaurs
• B)turtles and snakes
• C)mammals and birds
• D)dinosaurs and birds

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Definitions:

Economic Profits

Profits exceeding the opportunity costs of a venture or investment, accounting for both explicit and implicit costs.

Normal Profits

The level of profit necessary to keep a firm in an industry, equating to the opportunity cost of capital and entrepreneurship.

Marginal Cost

The financial commitment needed for producing an extra unit of a good or service.

Marginal Revenue

The addition to total revenue resulting from the sale of one more unit of a product or service.