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