Key Terms
Question
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
Explicit cost
Implicit cost
Accounting profit
Economic profit
Capital
Implicit cost of capital
Principle of “either-or” decision making
Marginal analysis
Marginal cost
Increasing marginal cost
Marginal cost curve
Constant marginal cost
Decreasing marginal cost
Marginal benefit
Decreasing marginal benefit
Marginal benefit curve
Optimal quantity
Profit-maximizing principle of marginal analysis
Sunk cost
Rational
Bounded rationality
Risk aversion
Irrational
Mental accounting
Loss aversion
Status quo bias
Utility
Util
Marginal utility
Marginal utility curve
Principle of diminishing marginal utility
Budget constraint
Consumption possibilities
Budget line
Optimal consumption bundle
Marginal utility per dollar
Optimal consumption rule