Please Define the Following Key Terms

question 56

Essay

Please define the following key terms. Show Who? What? Where? When? Why Important?
-epicycles

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Definitions:

Marginal Revenue Curve

A graph that displays how additional revenue is affected by the sale of one more unit of a product or service.

Downsloping

describes a trend or curve that goes downward, often used in economics to describe demand curves where price decreases lead to an increase in quantity demanded.

Economic Profits

Profits exceeding the opportunity costs of a venture or investment, accounting for both explicit and implicit costs.

Normal Profits

The level of profit necessary to keep a firm in an industry, equating to the opportunity cost of capital and entrepreneurship.