Unit 4 Assignment

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Instructions

What are the three questions all producers must answer?

What is meant by the term price taker?

What is a sunk cost?

What is a fixed cost?

What is a variable cost?

What is an explicit cost?

What is an implicit cost?

What are accounting profits?

What are economic profits?

What is profit?  How is it calculated?

What is marginal revenue?

what is marginal cost?

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