Among Business Products, Which of the Following Would Most Likely

question 73

Multiple Choice

Among business products, which of the following would most likely be considered an industrial service?

• A)tractor
• B)phosphoric acid
• C)photocopier maintenance
• D)athletic training facility
• E)syringes

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Definitions:

Economic Profit

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

Investment

The allocation of resources, usually financial, into assets with the expectation of generating income or profit in the future.

Economic Rent

A return on an asset or payment to a factor of production in excess of what's necessary to keep it in its current use.

LAC

Long-run Average Cost, which represents the per unit cost of production when all inputs, including capital, are variable.