AP Microeconomics Chapter 13 Key
Concepts
total revenue - answersthe amount a firm receives for the sale of its output
total cost - answersthe market value of the inputs a firm uses in production
profit - answerstotal revenue minus total cost
explicit costs - answersinput costs that require an outlay of money by the firm
implicit costs - answersinput costs that do not require an outlay of money by the firm
Concepts
total revenue - answersthe amount a firm receives for the sale of its output
total cost - answersthe market value of the inputs a firm uses in production
profit - answerstotal revenue minus total cost
explicit costs - answersinput costs that require an outlay of money by the firm
implicit costs - answersinput costs that do not require an outlay of money by the firm
