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This chapter discusses many types of costs: opportunity cost, total cost, fixed cost, variable cost, average total cost, and marginal cost. Fill in the type of cost that best completes each sentence: a. What you give up in taking some action is called the ________. b. ________ is falling when marginal cost Ls below it and rising when marginal cost is above it. c. A cost that does not depend on the quantity produced is a(n) ________. d. In the ice-cream industry in the short run, ________ includes the cost of cream and sugar but not the cost of the factory. e. Profits equal total revenue minus ________. f. The cost of producing an extra unit of output is the _________.

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Principles of Microeconomics

7th Edition
N. Gregory Mankiw
Publisher: Cengage Learning
ISBN: 9781305156050
BuyFind

Principles of Microeconomics

7th Edition
N. Gregory Mankiw
Publisher: Cengage Learning
ISBN: 9781305156050

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Chapter
Section
Chapter 13, Problem 1PA
Textbook Problem

This chapter discusses many types of costs: opportunity cost, total cost, fixed cost, variable cost, average total cost, and marginal cost. Fill in the type of cost that best completes each sentence:

a. What you give up in taking some action is called the ________.

b. ________ is falling when marginal cost Ls below it and rising when marginal cost is above it.

c. A cost that does not depend on the quantity produced is a(n) ________.

d. In the ice-cream industry in the short run, ________ includes the cost of cream and sugar but not the cost of the factory.

e. Profits equal total revenue minus ________.

f. The cost of producing an extra unit of output is the _________.

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