Examlex
Which of the following statements is FALSE?
Economic Profits
The difference between a firm's total revenues and its total costs, including both explicit and implicit costs, representing the gains from its operations.
Marginal Revenue
The additional income earned by selling one more unit of a product or service.
Toys
Objects designed for play, typically used by children, that can range from simple handmade items to complex electronic gadgets.
Demand Schedule
A chart displaying how much of a product consumers are ready and able to buy at different price points.
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