MATCHING -Match Each Item with the Correct Description Below

question 74

Multiple Choice

MATCHING
-Match each item with the correct description below.
anteroposterior

• A)RUQ
• B)AP
• C)sup
• D)LLQ
• E)PA
• F)inf
• G)lat
• H)ant
• I)med

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Definitions:

Diseconomies of Scale

The phenomenon where production costs increase as a firm or industry grows, leading to reduced efficiency and higher per-unit costs.

Law of Diminishing Returns

The principle that adding more of one factor of production, while keeping others constant, will eventually yield lower per-unit returns.

Economic Profit

The surplus remaining after deducting both explicit and implicit costs from total revenues, emphasizing a firm's financial performance beyond just its accounting profit.

Accounting Profit

Accounting profit is the monetary gain calculated by subtracting total explicit costs from total revenue.