Examlex
Select the correct description for each of the abbreviations.
-ETT-MIBI
Implicit Costs
The opportunity costs associated with a company's use of resources that it owns, representing the potential income lost by not using those resources in an alternative way.
Total Revenues
The overall sum of money earned by a business from its sales of goods or services, calculated without deducting any expenses.
Marginal Product
The incremental increase in output resulting from the use of one additional unit of a resource, while keeping other resources constant.
Variable Resource
A factor of production whose quantity can easily be changed in the short term to increase or decrease production levels.
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