The Cuban Missile Crisis

question 49

Multiple Choice

The Cuban missile crisis:

• A) led to a U.S.-backed invasion of Cuba
• B) showed Kennedy's tendency to back down in a tense confrontation
• C) ended the cold war
• D) brought the United States and the Soviet Union close to nuclear war
• E) saw the United States destroy some missile sites with surgical air strikes

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Definitions:

Economic Profit

The difference between total revenue and total costs, including both explicit and implicit costs.

Price

The amount of money expected, required, or given in payment for something.

TVC

Total Variable Cost (TVC) refers to the sum of all costs that vary with the level of output or production in a company.

Maximizing Profits

The process of optimizing the difference between revenue and costs to achieve the highest possible profit.