This chapter discusses many types of costs: opportu-nity

Chapter , Problem 1

(choose chapter or problem)

This chapter discusses many types of costs: opportu-nity 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 for taking some action is called the ______.b._____ is falling when marginal cost is below it and rising when marginal cost is above it.c.A cost that does not depend on the quantity pro-duced 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 ______.