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Suppose the U.S.government imposes a binding quota on the number of Japanese-made cars allowed into the United States.Assuming that Japanese-made cars and U.S.-made cars are substitutes in consumption,we would expect the price of Japanese cars to _____ and the price of U.S.-made cars to _____.
Opportunity Cost
The cost of an alternative that must be forgone in order to pursue a certain action, the benefits you could have received by taking an alternative action.
Marginal Cost
The cost added by producing one more item of a product, a crucial factor in economic decision-making regarding production levels.
Economic Profit
The difference between a firm’s total revenues and its total costs, including both explicit and implicit costs, representing the actual financial gain.
Accounting Profit
The total revenue of a business minus its explicit costs, reflecting the financial gain as recorded in the financial statements.
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