A Standard Input

question 116

Multiple Choice

A standard input:

• A)is a carefully determined price, cost, or quantity
• B)is usually expressed on a per unit basis
• C)may be developed using engineering studies
• D)All of these answers are correct.

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Definitions:

Zero Economic Profits

Zero economic profits occur in a competitive equilibrium when firms earn just enough revenue to cover their total costs, including the opportunity costs.

Short Run

A period of time during which at least one of a firm's inputs is fixed, limiting its ability to increase production.

Long Run

A period in economics in which all factors of production and costs are variable, allowing for full adjustment to changes.

Total Revenue

Total revenue is the total income generated by a company from its sales of goods or services before any expenses are subtracted.