Chapter 5 Terms - Custom Scholars
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Chapter 5 Terms

question
fixed costs
answer
costs that do not vary with production or sales level
question
overhead
answer
broad category of fixed costs that includes interest, rent, taxes, and executive salaries
question
variable cost
answer
a cost that rises or falls depending on the quantity produced
question
total cost
answer
the sum of fixed and variable costs
question
marginal cost
answer
extra cost of producing one additional unit of production.
question
average revenue
answer
average price that every unit of output sells for
question
total revenue
answer
the amount paid by buyers and received by sellers of a good, computed as the price of the good times the quantity sold
question
marginal revenue
answer
extra revenue from the sale of one additional unit of output
question
profit-maximizing quantity of output
answer
level of production where marginal cost is equal to marginal revenue
question
break-even point
answer
the point at which the costs of producing a product equal the revenue made from selling the product
question
e-commerce
answer
electronic business or exchange conducted over the internet
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question
fixed costs
answer
costs that do not vary with production or sales level
question
overhead
answer
broad category of fixed costs that includes interest, rent, taxes, and executive salaries
question
variable cost
answer
a cost that rises or falls depending on the quantity produced
question
total cost
answer
the sum of fixed and variable costs
question
marginal cost
answer
extra cost of producing one additional unit of production.
question
average revenue
answer
average price that every unit of output sells for
question
total revenue
answer
the amount paid by buyers and received by sellers of a good, computed as the price of the good times the quantity sold
question
marginal revenue
answer
extra revenue from the sale of one additional unit of output
question
profit-maximizing quantity of output
answer
level of production where marginal cost is equal to marginal revenue
question
break-even point
answer
the point at which the costs of producing a product equal the revenue made from selling the product
question
e-commerce
answer
electronic business or exchange conducted over the internet
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