ECO 304K exam 2 Questions & Correct
and Verified Answers.Latest
update2025/2026 Graded A+, Exams of
Nursing
OPPORTUNITY COST - CORRECT ANSWERS when you give up something to get something else
in return.
EQUALITY - CORRECT ANSWERS when economic benefits are distributed uniformaly across
society.
EFFICIENCY - CORRECT ANSWERS when a society gets the most it can from its scare resources.
Total Revenue - CORRECT ANSWERS the amount a firm receives for the sale of its output
TOTAL COST - CORRECT ANSWERS the market value of the inputs a firm uses in production
PROFIT - CORRECT ANSWERS total revenue minus total cost
IMPLICIT COST - CORRECT ANSWERS input costs that do not require an outlay of money by the
firm
EXPLICIT COST - CORRECT ANSWERS input costs that require an outlay of money by the firm
ECONOMIC PROFIT - CORRECT ANSWERS total revenue minus total cost, including both explicit
and implicit costs
and Verified Answers.Latest
update2025/2026 Graded A+, Exams of
Nursing
OPPORTUNITY COST - CORRECT ANSWERS when you give up something to get something else
in return.
EQUALITY - CORRECT ANSWERS when economic benefits are distributed uniformaly across
society.
EFFICIENCY - CORRECT ANSWERS when a society gets the most it can from its scare resources.
Total Revenue - CORRECT ANSWERS the amount a firm receives for the sale of its output
TOTAL COST - CORRECT ANSWERS the market value of the inputs a firm uses in production
PROFIT - CORRECT ANSWERS total revenue minus total cost
IMPLICIT COST - CORRECT ANSWERS input costs that do not require an outlay of money by the
firm
EXPLICIT COST - CORRECT ANSWERS input costs that require an outlay of money by the firm
ECONOMIC PROFIT - CORRECT ANSWERS total revenue minus total cost, including both explicit
and implicit costs
