-Refer to the Above Table

question 377

Multiple Choice

-Refer to the above table. All real GDP numbers are expressed in terms of the purchasing power of dollars in

• A) 2010.
• B) 2011.
• C) 2012.
• D) 2013.

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Definitions:

MC

Stands for Marginal Cost, which is the cost of producing one additional unit of a good or service.

MR

Marginal Revenue, the increase in revenue that results from the sale of one additional unit of output.

ATC

Average Total Cost, a calculation used in economics to find the total cost per unit of output when all fixed and variable costs are taken into account.

Economic Profits

The profit a company makes after accounting for both its explicit and implicit costs, including opportunity costs.