__________ Occurs When the Expectations of the Client Increase as the Project

question 29

Short Answer

__________ occurs when the expectations of the client increase as the project progresses.

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Definitions:

Marginal Cost

The additional cost incurred by producing one more unit of a good or service.

Marginal Benefit

The additional benefit derived from producing one more unit of a good or service.

Accounting Profit

The total revenue of a business minus its explicit costs; essentially the net income reported on the financial statements.

Economic Profit

The difference between the total revenue received by a business and the total costs, including both explicit and implicit costs.