Eco 311 uky fall 2024 Study guides, Class notes & Summaries
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![ECO 311 UKY FALL 2024 EXAM 1 2024 WITH 100% CORRECT ANSWERS](/docpics/4577140/65d7ce3c047fd_4577140_121_171.jpeg)
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ECO 311 UKY FALL 2024 EXAM 1 2024 WITH 100% CORRECT ANSWERS
- Exam (elaborations) • 4 pages • 2024
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Total Revenue - correct answer Price x Quantity 
 
Explicit Costs - correct answer The monetary payment a firm must make to an outsider to obtain a resource. 
 
Implicit Costs - correct answer Indirect, non-purchased, or opportunity costs of resources provided by the entrepreneur 
 
Total Economic Cost - correct answer Sum of opportunity costs of market-supplied resources plus opportunity costs of owner-supplied resources. 
 
Porter's Five Forces - correct answer threat of entry, thre...
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