Eco 311 uky fall 2024 - Study guides, Class notes & Summaries

ECO 311 UKY FALL 2024 EXAM 1 2024 WITH 100% CORRECT ANSWERS Last document update:   ago

Total Revenue - correct answer Price x Quantity Explicit Costs - correct answer The monetary payment a firm must make to an outsider to obtain a resource. Implicit Costs - correct answer Indirect, non-purchased, or opportunity costs of resources provided by the entrepreneur Total Economic Cost - correct answer Sum of opportunity costs of market-supplied resources plus opportunity costs of owner-supplied resources. Porter's Five Forces - correct answer threat of entry, thre...